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AptarGroup to take over Stelmi

AptarGroup has signed an agreement to take over the Stelmi Group for an enterprise value of approximately €165m (approximately $207m).

The transaction is subject to certain regulatory approvals and is expected to close in the third quarter of 2012. The purchase will be financed with available cash.

AptarGroup president and CEO Steve Hagge said with the transaction, the company is entering a new area which is primary packaging components used in the injectable drug delivery market.

"There is proprietary know-how in the formulation and manufacturing process surrounding elastomer primary packaging components for pharmaceutical applications," Hagge added.

Stelmi, a maker of elastomer primary packaging components for injectable drug delivery, operates two manufacturing plants located in the Normandy region of France and also has an R&D center located near Paris.