| Ineos Group bought by Bilcare |
By: Rebecca Hubbard
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Posted: Tuesday, August 3, 2010 12:18 pm
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Bilcare, specialists in pharmaceutical packaging, is set to buy Ineos Group's global films business for around €100m.
Ineos, who recently shifted the focus of its business to large-scale petrochemicals, said that in order for further development to be achieved, the films division of the company needed to be divested.
The deal includes production facilities, assets and staff in Germany, Italy, India and the US.
Completion is anticipated by the end of August through a merger process between companies in Germany and is subject to regulatory filings.
Iain Hogan, Ineos Films chief executive, said there was a "very strong strategic fit" with pharmaceutical packaging and technology specialists Bilcare.
According to Mohan Bhandari, Bilcare chairman, the acquisition was a "significant step towards creating a customer-centric company to deliver path-breaking innovations and establish global leadership".
Ineos Films produces some 140,000 tonnes a range of rigid films a year, sometimes generating sales of up to €240m last year. It employs some 1,300 staff. |
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