The two companies will form a joint venture to accelerate innovations for pharmaceutical glass packaging market.
• Gerresheimer will sell its borosilicate glass tubing business to Corning
• Corning and Gerresheimer enter into a 10-year-supply agreement for pharmaceutical glass tubing
• Sale proceeds will amount to EUR 196m debt-free
• Corning and Gerresheimer will form a joint venture to accelerate innovations for the pharmaceutical glass packaging market
• Gerresheimer’s outlook for the financial years 2016 to 2018 adjusted to reflect the future disposal of the tubing business
In line with its strategy to focus on packaging solutions for its pharmaceutical customers, Gerresheimer today announced that it will sell its glass tubing business to Corning Incorporated. Glass tubing is an intermediate product which Gerresheimer manufactures mainly for its own plants, where those tubes are used to manufacture ampoules, vials, cartridges and glass syringes. To a lesser extent Gerresheimer sells tubing to external customers. Gerresheimer and Corning enter into a 10-year-supply agreement for borosilicate glass tubes that secures Gerresheimer’s high demand for glass tubing. Corning, with its strong expertise in glass, materials sciences and material innovation, is well-positioned to manufacture and further develop highest-quality glass tubing for the pharmaceutical packaging industry. In addition both companies will establish a joint venture to accelerate innovations for the pharmaceutical glass packaging market.