Gerresheimer Takes Over Much Of Glass Group

Gerresheimer Group has taken over substantial parts of the business of Glass Group Inc (GGI) in the USA. The acquisition comprises both the container glassworks in Millville, NJ, which specialises in pharmaceutical packaging, and its 45.7% share in the Chinese specialty glass manufacturer, Beijing Wheaton. A past competitor in the pharmaceutical glassware business in the US, GGI was forced to file for protection under Chapter 11 US Bankruptcy Code at the end of Feb/05 and, thus, became available for purchase. The price paid for the assets now acquired totalled around $20M. The acquisition of shares in Beijing Wheaton in China provides Gerresheimer a starting base to establishe a foothold in the Asian market. (see: www.gerresheimer.com)