LAUSANNE, Switzerland, August 2, 2010 INEOS Group hastoday entered into a binding agreement for the sale of its Global Filmsbusiness to Bilcare AG, one of the world's leading providers of research ledpackaging to the global pharmaceuticals industry, for approximately EUR100million. The agreement brings together complimentary capabilities andsynergy's of two leading global businesses.
INEOS Films is a leader in the Pharma, Specialties, Cards and PackagingFilms business; Bilcare is the foremost solution provider of innovativepackaging to the global pharmaceuticals for their brand safety and growth.
The deal comprises the business, assets and personnel related to INEOS'Films operations located in North America, Europe, and Asia.
Iain Hogan, CEO INEOS Films, warmly welcomed the announcement. "I am veryexcited by the potential created by the combination of these two companies.Bringing together Bilcare's research and development focus with our own broadproduction and application knowledge provides a very strong strategic fit.
"Whilst performing well, the INEOS Films business is no longer core tothe INEOS Group as the company focuses its attention on its large-scalepetrochemicals businesses. This agreement with Bilcare will put INEOS Filmsassets and people at the centre of a new business with the innovation anddrive necessary for it to grow and further develop, which is good for thebusiness and its customers globally."
INEOS Films is a leading global producer of high quality polymer filmsbuilt on expertise and innovation. The company plays a major role in theworld of pharmaceutical blister packaging, films for printing and decoration,shrink film for sleeves, capsules and plastic credit cards. The companyemploys around 1300 people across manufacturing sites in Germany, Italy,India and North America and has a turnover of around EUR240 million.
Mohan Bhandari, Chairman, Bilcare Limited, said, "This acquisition is aparadigm shift in the pharma packaging space & a significant step towardscreating a customer centric company to deliver path breaking innovations andestablish global leadership."
The newly appointed Executive Chairman of Bilcare AG, Dr. Heinz Gaertnersaid, "This transaction presents a unique opportunity and enhances our offerto apply our innovation led approach to a broad range of industries,currently served by INEOS Films, particularly in Europe and USA."
The transaction inter alia, is proposed to be effected through a mergerprocess in Germany, in relation to the German company and its subsidiaries.The transaction is expected to be completed at the end of August, subject tonecessary regulatory filings and approvals, including German Court andapprovals under applicable antitrust laws and regulations.
INEOS (http://www.ineos.com) is one of the world's leading chemicalcompanies; a leading manufacturer of petrochemicals, specialty chemicals andoil products. Comprising 15 businesses, with a production network spanning 60manufacturing facilities in 13 countries, the company produces more than 40million tonnes of petrochemicals, 20 million tons per annum of crude oilrefined products (fuels). INEOS employs 15,000 people and had sales of$28.6bn in 2009.
Bilcare (http://www.bilcare.com) Bilcare Ltd. (BSE code 526853) is aninternational, integrated service provider to the global pharmaceuticalindustry offering Pharma packaging & research, global clinical trial suppliesservices and Bilcare Technologies offering nonClonableID(TM) identification,authentication, secure track-n-trace anti-counterfeiting technology. Bilcareoperates state-of-the-art manufacturing and research facilities in India,Singapore, USA and UK and has regional offices in Brazil, Germany, China andAustralia. Bilcare provides solutions that address many of the industry's keyconcerns including counterfeit drugs, compliance, costs, communication andconvenience.Further information contact: Richard Longden - INEOS - Tel: +44(0)7710-371998 Jaydip Chowdhury - Bilcare - Tel: +91-99224-29719
SOURCE INEOS Group