Sumitomo Rubber Industries, Ltd. (hereinafter, "SRI") is pleased to announce that, for the purpose of expanding the business of rubber parts for pharmaceutical packages, SRI has agreed with BV Holding AG (a private equity fund; hereinafter "BV") to acquire all shares of Lonstroff Holding AG (a Swiss company; hereinafter "Lonstroff"), which are currently held by BV. The consideration for this transaction is CHF44 million (approx. JPY5.3 billion). SRI will acquire Lonstroff AG (100%-owned subsidiary of Lonstroff) under Lonstroff by this acquisition.
Established in 1908, Lonstroff AG is a manufacturer/seller of medical packaging materials and medical rubber parts, primarily selling to major European pharmaceutical companies.
Through the acquisition, SRI will secure production facilities and marketing presences in Europe for their medical rubber parts, which are of a significant growth potential, and pursue a global marketing strategy with emphasis on Europe.
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