By IANS,
Pune : Packaging majors Bilcare Ltd of India and MeadWestvaco Corp of the US Monday announced the joint acquisition of American pharmaceutical packaging company, International Labs.
The acquisition is a 50-50 venture, a Bilcare spokesperson said, but declined to disclose the deal amount and other financial details, saying US and Indian regulations did not permit it at this point in time.
Bilcare reported total revenue of Rs.4.22 billion (about $100 million) and net profit of Rs.616.90 million (about $14.7 million) for the year ended March 31, 2008.
MeadWestvaco reported net sales of $6.9 billion and a net income of $285 million for the year ended Dec 31, 2007.
Financials of the St Petersburg, Florida-based International Labs are not available as it is a privately held company.
In a regulatory statement, the two companies said the partnership combined MeadWestvaco’s expertise in healthcare packaging design, Bilcare’s research and expertise in materials, products and processes, and International Labs’ contract packaging services for retail pharmacies.
Following the announcement, the Bilcare scrip opened strong on the Bombay Stock Exchange Monday with the price zooming to Rs.685, about Rs.48 up from the previous closing.