Gerresheimer is to sell its borosilicate glass tubing business to Corning Inc in a 196/M Euros deal. Corning will assume ownership of Gerresheimer's tubing plants in Vineland, New Jersey, USA and in Pisa, Italy, which employ 300 people. Gerresheimer described its tubing business as second in the global pharmaceutical tubing market with FY 2014 revenues of US$ 91.1/M. Gerresheimer and Corning said they will also enter into a 10 year supply agreement for borosilicate glass tubes that will secure Gerresheimer's demand for glass tubing. Glass tubing is an intermediate product that Gerresheimer manufactures mainly for its own plants, where the tubes are used to manufacture ampoules, vials, cartridges and glass syringes. Both companies will also establish a joint venture to accelerate innovations for the pharmaceutical glass packaging market. The deal is expected to close before the end of 2015.
