Plastics closures maker GCL Pharma has been acquired by fellow Italian pharmaceutical specialist Group Bormioli Pharma for €8.9 million ($9.5m).
A subsidiary of Guala Closures Group, GCL Pharma is headquartered in Alessandria and produces pharmaceutical and cosmetic packaging from its facility in Vasto, Abruzzo.
In 2019, GCL Pharma posted third-party revenues of €8m ($8.61m). It was bought by Guala for €3.9m ($4.2m) in 2009.
The company will be deconsolidated as of 1 January 2020. Under the terms of the deal, Guala will continue to distribute GCL Pharma’s food and beverage products internationally, while Bormioli’s network will integrate the entire pharmaceutical range into its product portfolio.
The parties plan to meet in the coming days to finalise the share purchase agreement.
Marco Giovannini, group chairman and chief executive of Guala, said: “This disposal will allow the Guala Closures Group to fully-focus on its core business, and specifically, on higher value closures with increased growth prospectives, including connected closures.”
Andrea Lodetti, chief executive of Bormioli Pharma, added: “With the acquisition of GCL Pharma, we will continue our growth path. We aim to strengthen our industrial footprint by adding new technologies that allow to extend our product range, especially in the oral and parenteral segments, activating further business synergies.”
Bormioli Pharma produces 6.5 billion plastics and glass containers, closures, and packaging accessories for the pharmaceutical and biopharmaceutical markets annually. Annual turnover in 2019 was €250m ($269m).
Operating 30 production plants across five continents, Guala sells close to 20bn closures annually. With turnover of €607m ($654m), the company is best known for producing safety closures for alcoholic products, such as spirits and wines.
It has been listed on the STAR segment of the Italian Stock Exchange since August 2018, and entered the FTSE Italia Mid Cap index in September 2019.