German health care plastics products maker Gerresheimer AG (FRA: GXI) is buying U.S. rival Centor US Holding Inc. from Montagu Private Equity in a $725 million cash deal.
Perrysburg, Ohio-based Centor, founded in 1968, makes plastic vials and closures for the U.S. prescription drug industry. The target generated 2014 revenue of $167 million, by selling more than 1.5 billion vials.
London-based Montagu acquired Centor in February 2014 as part of a $805 million cash purchase of Rexam PLC healthcare devices and prescription retail businesses. The Centor deal comes on the heels of Gerresheimer announcing the sale of its glass tubing business to Corning, New York-based Corning Inc. (NYSE: GLW) on June 30. Gerresheimer is funding the Centor purchase with debt and will use the E196 million ($216.6 million) in proceeds from the pending glass tubing business sale to pay down that debt.
McDermott Will & Emery represented Gerresheimer.
Some other recent packaging deals include Barnes Group Inc. (NYSE: B) buying Italy’s Thermoplay SpA for $55 million on June 24 and Owen-Illionois Inc.’s (NYSE: OI) picking up Vitro SAB’s food glass unit for $2.15 billion in May.