The Gerresheimer Group has taken over substantial parts of the business of Glass Group Inc. (GGI) in the USA. The acquisition comprises both the container glass works in Millville NJ, which specialises in pharmaceutical packaging with sales of around US$55M, & its 45.7% share in the Chinese specialty glass manufacturer Beijing Wheaton. The purchase "marks a quantum leap on the way to establishing our Group as a leading worldwide supplier of pharmaceutical packaging," says Dr.A Herberg, CEO of Gerresheimer Group. Glass Group Inc., a past competitor in the pharmaceutical glassware business in the USA, was forced to file for protection under Chapter 11 Bankruptcy Code in Feb/05 & thus became available for purchase. The price paid for the assets now acquired totalled around US$20M. Closing of the deal is expected in the coming week.
