LAUSANNE, Switzerland, August 2, 2010 /PRNewswire/ -- INEOS Group has today entered into a binding agreement for the sale of its Global Films business to Bilcare AG, one of the world's leading providers of research led packaging to the global pharmaceuticals industry, for approximately EUR100 million. The agreement brings together complimentary capabilities and synergy's of two leading global businesses.
INEOS Films is a leader in the Pharma, Specialties, Cards and Packaging Films business; Bilcare is the foremost solution provider of innovative packaging to the global pharmaceuticals for their brand safety and growth.
The deal comprises the business, assets and personnel related to INEOS' Films operations located in North America, Europe, and Asia.
Iain Hogan, CEO INEOS Films, warmly welcomed the announcement. "I am very excited by the potential created by the combination of these two companies. Bringing together Bilcare's research and development focus with our own broad production and application knowledge provides a very strong strategic fit.
"Whilst performing well, the INEOS Films business is no longer core to the INEOS Group as the company focuses its attention on its large-scale petrochemicals businesses. This agreement with Bilcare will put INEOS Films assets and people at the centre of a new business with the innovation and drive necessary for it to grow and further develop, which is good for the business and its customers globally."
INEOS Films is a leading global producer o
|SOURCE INEOS Group|
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