|
Top Story
Glass Manufacturing Operation sold to Gerresheimer´s Kimble Glass, Inc.
Comar, Inc. announced that it will sell its glass manufacturing operation, with the exception of its "Glass Pipette Manufacturing" business, to Gerresheimer´s Kimble Glass, Inc. operation. Kimble Glass, Inc. is a manufacturer and marketer of tubular glass products. Today´s announcement is pursuant to an Asset Purchase Agreement signed March 1, 2007, the terms of which were not disclosed. The closing of the transaction is anticipated by end of March, 2007. In a statement released by Henry Tamagni, Jr., President and CEO of Comar, "We appreciate all of the wonderful relationships we have developed over the years in the glass industry and, the loyalty and devotion of our workforce. We are confident that Kimble will maintain the same attention to quality and responsiveness that has been a Comar trademark, and that the same talented and professional workforce will continue to serve its customers as they have for so many years." The divestiture of the Comar Glass Plant will allow Comar to focus its efforts on growing its plastics business. According to Mike Ruggieri, Comar´s General Manager, "the sale of the glass division is the first step of a multi year strategy to refocus Comar´s resources on dramatic growth in the Pharmaceutical and Health Care plastics packaging industry. We intend to expand our presence through the addition of new and innovative plastics solutions while maintaining our leading market share in glass and plastic dropper assemblies." In support of that strategy, Mike also disclosed, "We have engaged Plante and Moran Corporate Finance, LLC, (www.pmcf.com) an Investment Banker with a practice focused on Mergers and Acquisitions activities in the Plastics markets to help identify plastics acquisition candidates to expand our footprint, diversify our plastics manufacturing facilities and to provide room for significant expansion. The cash received from the sale of the glass operation will allow us to accelerate those plans." About Comar Comar, Inc. is a closely held private company headquartered in Buena, New Jersey. Since 1949, Comar has been a market leading designer and manufacturer of innovative plastic packaging solutions, liquid dispensing products and a variety of tubular glass vials, serving the pharmaceutical, diagnostic, health and personal care markets. For more information about Comar, please see the Company website at www.comar.com.
27.03.2007, Gerresheimer Group / Comar Inc. News material on the Site is copyright and belongs to the Company or to its third party news provider, and all rights are reserved. Any User who accesses such material may do so only for its own personal use, and the use of such material is at the sole risk of the User. Redistribution or other commercial exploitation of such news material is expressly prohibited. Where such news material is provided by a third party, each User agrees to observe and be bound by the specific terms of use applying to such news material. We do not represent or endorse the accuracy or reliability of any of the info contained in any news or external websites referred to in the news.
|
Search News
INFO
Category
News by language
Company Profile
NEWSLETTER
Services
|
Advertisement
|