Bilcare AG to acquire INEOS’ Global Films business for €100 million
INEOS Group has entered into a binding agreement for the sale of its Global Films business to Bilcare AG, one of the world’s leading providers of research led packaging to the global pharmaceuticals industry, for approximately €100 million.
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 very excited by the potential created by the combination of these two companies. Bringing together Bilcare’s research and development focus with our own broad production and application knowledge provides a very strong strategic fit.
“Whilst performing well, the INEOS Films business is no longer core to the INEOS Group as the company focuses its attention on its large-scale petrochemicals businesses. This agreement with Bilcare will put INEOS Films assets and people at the centre of a new business with the innovation and drive necessary for it to grow and further develop, which is good for the business and its customers globally.”
The newly appointed Executive Chairman of Bilcare AG, Dr. Heinz Gaertner 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.”
The transaction inter alia, is proposed to be effected through a merger process in Germany, in relation to the German company and its subsidiaries. The transaction is expected to be completed at the end of August, subject to necessary regulatory filings and approvals, including German Court and approvals under applicable antitrust laws and regulations.
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