Bilcare AG, part of the Bilcare group, today successfully completed all formalities related to the acquisition of the global films business from the INEOS Group. Bilcare AG had announced its intentions to acquire the business for a sum of Rs. 607 crores on August 2, 2010.
Consequent to completion of all formalities, the global films business, with 2009 annual sales of Rs.1458 crores, will now become a part of the Bilcare group.
Dr. Heinz Gaertner, Executive Chairman of Bilcare AG, said, "This transaction presents a unique opportunity and enhances our offer to apply our innovation led approach to a broad range of industries, currently served by INEOS Films, particularly in Europe and USA."
Mohan Bhandari, Chairman, Bilcare Limited, said, "This acquisition is a paradigm shift in the pharma packaging space & a significant step towards creating a customer centric company to deliver path breaking innovations and establish global leadership."
INEOS Films division is a leading global producer of high quality polymer films built on expertise and innovation. As part of the Bilcare group it will continue to play a major role in the world of pharmaceutical blister packaging, films for printing and decoration, shrink film for sleeves, capsules and plastic credit cards. Bilcare AG will now fully integrate the business, which had a turnover of around EUR 240 million in 2009, employing around 1300 people across manufacturing sites in Germany, Italy, India and USA.
Note to editors:
About BilcareBilcare (www.bilcare.com (http://www.bilcare.com/) ) Bilcare Ltd. (BSE code 526853) is an international, integrated service provider to the global pharmaceutical industry offering Pharma packaging & research, global clinical trial supplies services and Bilcare Technologies offering nonClonableID identification, authentication, secure track-n-trace anti-counterfeiting technology. Bilcare operates state-of-the-art manufacturing and research facilities in India, Singapore, USA and UK and has regional offices in Brazil, Germany, China and Australia. Bilcare provides solutions that address many of the industry's key concerns including counterfeit drugs, compliance, costs, communication and convenience.
