DUSSELDORF, Germany, March 17 /PRNewswire-FirstCall/ -- The rating agency Moody's has raised the rating for the Gerresheimer Group from Ba3 to Ba2 with "Outlook stable".
As a result, the Group's financial standing in the market and its refinancing possibilities are substantially enhanced. Moody's justifies this step by reference to the considerably strengthened business profile as a result of successful acquisitions and in view of the Group's increased profitability and cash flow strength. In the detailed justification, Moody's emphasises the company's leading market position and its stable customer relationships in the pharmaceutical and cosmetics industries.
"We are very pleased about the better rating by Moody's. It confirms our successful business development and solid financial structure. On this basis we will again grow profitably in 2008," says Dr. Axel Herberg, CEO of Gerresheimer AG.
Gerresheimer employs more than 10,800 people in 41 locations in Europe,
America and Asia. In the financial year 2007, worldwide sales totalled
EUR957.7m. The product portfolio ranges from pharmaceutical vials made of
glass and plastic through to complex drug-delivery systems for the pharma &
life science industry. These include sterile syringes, inhalers and other
system-based approaches for safe dosage and application of medications. The
Group enjoys a leading position in markets which are characterized by high
technical and regulatory barriers.
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|SOURCE Gerresheimer AG|
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