Midland PaperclipsIndustry News
AptarGroup, Inc. today announced it has signed an agreement to acquire the Stelmi Group, a maker of elastomer primary packaging components for injectable drug delivery. This strategic acquisition expands AptarGroup’s portfolio of solutions that it provides to the pharmaceutical industry.
Under the terms of the agreement, AptarGroup will acquire Stelmi for an enterprise value of approximately €165 million (approximately $207 million). The purchase will be financed with available cash. The transaction, which is subject to certain regulatory approvals, is expected to close in the third quarter of this year. Established in 1964, Stelmi operates two manufacturing plants located in the Normandy region of France near Aptar’s existing pharma facilities and also has an R&D center located near Paris. Stelmi had revenues of approximately €83 million (approximately $104 million) in 2011 and has achieved EBITDA (earnings before interest, taxes, depreciation and amortization) margins that were in the range of 21-25% over the past 3 years.
Ahlstrom, a global high performance materials company, plans to close its plant in Barcelona, Spain. The plant, which manufactures products for advanced and transportation filtration businesses, has suffered from continued weakening demand in Southern Europe. The company estimates that about 30 employees will be affected starting from the second half of 2012.
The Barcelona plant, part of the Filtration business area, is one of the Ahlstrom's smallest production units. The plant has a saturator and a converter unit for materials used in transportation and advanced filtration applications. In the future, customers will be served from Ahlstrom's other plants.