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Gerresheimer has Passed the Turning Point
Date:10/15/2009

t investments. In September 2009 Gerresheimer opened a new Research and Development Center for Medical Plastic Systems in the USA and a new Production Center for Plastic Packaging in Spain.

Group sales for the third quarter were as expected down on the prior year level of EUR 268.0m at EUR 242.6m. Excluding Technical Plastics, sales totaled EUR 236.9m, a decline of 5.3% against the prior year level. In the generally stable pharma segment some customers used the summer months to carry out further inventory reductions. In the cosmetics and life science segments, sales fell substantially because of weak demand. Operationally, Gerresheimer performed well in the third quarter. Adjusted EBITDA excluding Technical Plastics came to EUR 41.6m. Thanks to capacity and cost adjustments it was possible to hold the operating margin at the high level of 17.6%.

Outlook: the turning point has been passed

Thanks to rising demand and falling inventories, slight growth is expected for the pharma business in the fourth quarter. In the cosmetics business a slight improvement in demand is also evident, while in the Life Science Research segment no real recovery is foreseeable. For the financial year 2009, Gerresheimer has quantified more precisely the outlook last given in July 2009. For the full financial year the company assumes a slight sales decline of 1.5% to 2.5% and an operating margin (adjusted EBITDA) of around 18.5%. For the full financial year 2009 a total investment volume of around EUR 85 - 90m is expected.

"Thanks to our pharma orientation and very early capacity adjustments and cost reduction measures, our business is stable. We see indications that the turning point has already been passed in the third quarter," Herberg says.

About Gerresheimer

Gerresheimer employs around 10,000 people in 40 locations in Europe, America and Asia. In the financial year 2008, worldwide sales total
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SOURCE Gerresheimer AG
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