Gerresheimer and Chase Scientific Glass are to sell their joint venture, Kimble Chase to Duran Group, a portfolio company of One Equity Partners.
Gerresheimer MPN
Global pharma and healthcare partner Gerresheimer have announced that it is to sell its Life Science Research business. The agreement is in line with Gerresheimer’s strategy of focusing on packaging and device solutions for pharmaceutical customers
The business, Kimble Chase, is a producer of laboratory scientific glassware and is owned by both Gerresheimer and life science manufacturer Chase Scientific Glass, a division of Gerresheimer.
It will be sold to Duran Group for the total transaction value of USD 131 million for 100% of the business.
Chief executive officer of Gerresheimer Uwe Röhrhoff said: “We are a leading global provider of pharmaceutical packaging and medical devices. Producing laboratory glassware is not a core business for us and synergies are very limited. Together with our joint venture partner Chase Scientific Glass, we have decided to sell the business.”
Revenues for Kimble Chase, declined by 2.6% in the first six months of 2016. Assuming the transaction is not closed before end of the financial year, Gerresheimer’s expectations for financial year 2016 remain unchanged.