Business / Companies

Chinese firm intends to acquire French producer of pharmaceutical glass packaging

(Xinhua) Updated: 2016-05-11 14:12

PARIS - A Chinese long-term investment company on Tuesday announced its entrance into exclusive discussions with US company Oaktree to acquire SGD Pharma, which is headquartered in Paris and owned by Oaktree.

China Jianyin Investment Ltd (JIC) said the proposed transaction will be submitted to the relevant labor council of SGD Pharma, a leading producer of primary glass packaging for the pharmaceutical industry.

The transaction will be subject to competition regulations and other regulatory approvals, according to the JIC.

Jurgen Sackhoff, president of SGD Pharma, said in a press release that SGD Pharma welcomes the JIC as a proposed new shareholder, as the JIC "fits extremely well" with its business model and strategic road map.

Sackhoff said the combination will provide exciting new growth opportunities in Asia and benefit SGD Pharma's employees as well as its customers and partners.

With a history of more than 100 years, SGD Pharma produces more than 2 billion glass containers per year and its recorded revenues last year reached 290 million euro (about $330 million). It owns manufacturing sites in Germany, France, China and India.

Established in 2014, the JIC is a long-term investor with major businesses operating in finance, investment, manufacture, real estate, and cultural services.

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