Gerresheimer has been reported to be looking at further acquisitions, following its $725 million buy of U.S. plastic vial maker Centor.
The Company could raise its debt to 3.5 x EBITDA short-term, however cutting debt is a priority at the moment,” said Chief Financial Officer Rainer Beaujean in a recent interview. Gerresheimer will report debt of 3 x EBITDA for the end of the financial year to end-November. Moody’s placed Gerresheimer’s ratings under review for downgrade in July.
“Acquisitions like those we made in the past years in emerging markets with a price of 50 to 70 million euros ($55 to $77 million) are always possible.
Mr Beaujean said he wants to get gearing back in the zone of 2.5 by end-2017, and aims for a secure investment-grade rating by the time 300 million euros of bonds are due for refinancing in spring 2018.
India and China are seen as the most important markets for future. Management sees these markets as having potential for complex products such as insulin pens and inhalers in long term, but these must be more simple and cheaper than those in western Europe.
“Potential buyers for Life Science joint venture with Thermo Fisher appear now and again but no attractive offer has been received so far,” Mr Beaujean said.