AptarGroup acquires Indian dispensing closures provider T.K.H. for about US$17M in cash, US$1M in assumed debt; company's new pharmaceutical device plant in Mumbai nearing completion
October 27, 2011
– AptarGroup Inc. acquired in early October the Indian injection-molded dispensing closures provider T.K.H. Plastics Private Ltd. for about US$17 million in cash and $1 million in assumed debt, the company said on Oct. 26.
TKH, which posted annual revenues of nearly $8 million in its most recent fiscal year, has been serving the local personal care, food and beverage markets since 2000 and has been a licensee of AptarGroup's dispensing closure products since 2006.
Crystal Lake, Illinois-based AptarGroup has also announced its new pharmaceutical device facility in Mumbai is nearing completion. The plant, which is expected to be fully operational at the beginning of 2012, will provide clean-room capacity to serve the company's customers in the region.
“These steps are part of our strategy to expand our footprint in the region,” Peter Pfeiffer, AptarGroup’s president and CEO, said in a statement. “We recognize that India is a significant and growing market. The acquisition allows us to better serve our personal care, food and beverage customers and the clean-room facility will enable us to provide locally produced delivery devices to our pharmaceutical customers.”