Sector News

Categories

Borderless Insights

Image
Negotiating Terms with a New Employer
Image
Beyond Flowers and Platitudes: Reclaiming the Essence of International Women’s Day
Image
Visionary or ‘Stuck-in-the-Mud’? Where are you on Workplace Flexibility?

Corning Agrees to Purchase Gerresheimer’s Pharmaceutical Glass Tubing Business

July 1, 2015
Energy & Chemical Value Chain
Corning Incorporated GLW, +0.38% announced today that it has reached a definitive agreement with Gerresheimer AG to acquire its pharmaceutical glass tubing business for 196 million euros. The deal is expected to be completed by year-end, subject to customary closing conditions, including receipt of regulatory approvals.
 
Gerresheimer is a global leader in the manufacture of glass and plastic packaging products for the pharmaceutical and health care industry. Upon closing, Corning will assume ownership of Gerresheimer’s glass tubing operations in Vineland, N.J., and Pisa, Italy. As part of this transaction, Corning and Gerresheimer will enter into a long-term supply agreement for pharmaceutical glass tubing. In addition, the companies will form an equity venture to focus on accelerating Corning innovations for the pharmaceutical glass packaging market. The equity venture will be 75% owned by Corning.
 
Advances in new drug-delivery technologies, along with an industry need for greater operational efficiencies, are driving the demand for more stringent pharmaceutical glass packaging requirements. This transaction, when complete, will enable Corning to bring its precision glass expertise to the pharmaceutical glass packaging market.
 
“We think this is a tremendous opportunity to apply Corning’s unique model of innovation and operational excellence to an adjacent market, which is experiencing healthy growth,” said Wendell P. Weeks, chairman, chief executive officer and president. “It enables us to bring revolutionary new technologies to the pharmaceutical glass packaging market with Gerresheimer, a long-standing leader in the industry. There are also a number of near-term cost synergies with our global melting and forming operations as well as future sales synergies with our existing Life Sciences customers.”
 
Source: Corning Inc.

comments closed

Related News

May 4, 2024

Heikki Malinen appointed as the President and CEO of Neste Corporation

Energy & Chemical Value Chain

Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.

Read more
May 4, 2024

Rossouw to step down as Sasol CFO in October

Energy & Chemical Value Chain

Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.

Read more
May 4, 2024

Chemours CFO Jonathan Lock resigns following code of ethics violations

Energy & Chemical Value Chain

Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.

Read more
More news

How can we help you?

We're easy to reach