By Arun Kumar, IANS,
Washington : Recognising India as a significant and growing market, AptarGroup, a leading US supplier of clinical dispensing systems, is expanding its presence there by acquisition of an Indian firm and building a new pharma facility.
Reporting record third quarter sales of $601 million Wednesday, the Crystal Lake, Illinois, based company said it had acquired T.K.H. Plastics Private Limited (“TKH”), a leading provider of injection molded dispensing closures in India, for approximately $17 million in cash and $1 million in assumed debt.
TKH, which had annual revenues of approximately $8 million in the most recent fiscal year, has been serving the local Indian personal care, food, and beverage markets since 2000 and has been a licensee of AptarGroup’s dispensing closure products since 2006, it noted.
In addition, AptarGroup’s new pharmaceutical device facility in Mumbai is nearing completion. This facility, which is expected to be fully operational at the beginning of 2012, will provide clean-room capacity to serve AptarGroup’s customers in the region.
Commenting on the developments in India, Peter Pfeiffer, president and CEO said, “These steps are part of our strategy to expand our footprint in the region.
“We recognize that India is a significant and growing market. The acquisition allows us to better serve our personal care, food, and beverage customers and the clean-room facility will enable us to provide locally produced delivery devices to our pharmaceutical customers.”
(Arun Kumar can be contacted at [email protected])