Gerresheimer Sells Glass Tubing Manufacturing Business to Corning
Gerresheimer sells its glass tubing manufacturing operations to focus on pharmaceutical packaging business.
Gerresheimer announced on June 30 that it would sell its borosilicate glass tubing business to Corning Incorporated and focus on packaging solutions for its pharmaceutical customers. The companies will enter into a 10-year-supply agreement for borosilicate glass tubes that secures Gerresheimer’s high demand for glass tubing, the company reports.
In addition, both companies will establish a joint venture to accelerate innovations for the pharmaceutical glass packaging market. Corning will hold a 75% stake in the joint venture, Gerresheimer 25%.
Gerresheimer manufactures glass tubing as an intermediate product 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.
Upon closing, Corning will assume ownership of the Gerresheimer tubing plants in Vineland, NJ and Pisa, Italy with approximately 300 employees.
The sale proceeds are approximately EUR 196 M on a debt-free basis. The sale is expected to close by the end of 2015.
Source: Gerresheimer
Drug Solutions Podcast: A Closer Look at mRNA in Oncology and Vaccines
April 30th 2024In this episode fo the Drug Solutions Podcast, etherna’s vice-president of Technology and Innovation, Stefaan De Koker, discusses the merits and challenges of using mRNA as the foundation for therapeutics in oncology as well as for vaccines.
Drug Solutions Podcast: Gliding Through the Ins and Outs of the Pharma Supply Chain
November 14th 2023In this episode of the Drug Solutions podcast, Jill Murphy, former editor, speaks with Bourji Mourad, partnership director at ThermoSafe, about the supply chain in the pharmaceutical industry, specifically related to packaging, pharma air freight, and the pressure on suppliers with post-COVID-19 changes on delivery.
