Specialty chemicals producer Clariant has signed a purchase agreement with VitaPac, the Chinese specialist for healthcare packaging, for an undisclosed amount.
VitaPac produces innovative, technology-driven product lines that ensure pharmaceutical stability and increase shelf life.
It maintains a Drug Master File (DMF) with the Food and Drug Administration and its products adhering to all required regulations for use in direct contact with food and drugs.
The company's acquisition by Clariant complements its portfolio of business line medical specialties within its business unit masterbatches. It will help Clariant with a low cost base production site which will give high quality performance.
Besides helping Clariant gain increased market share in important emerging markets especially in Asia, it will also help in capturing its sales further in other regions.
The acquired plant which is located in Dongguan will enlarge Clariant's global footprint, furthering the reach to its multinational pharmaceutical customer base.
Established in 1995, VitaPac develops and manufactures protective packaging solutions for the pharmaceutical, neutraceutical and food industries. It also provides its services to the logistics and electronics sectors, mainly in the region of Asia-Pacific (APAC), and focuses on producing active sorbents and desiccant packets for moisture adsorption.
Speaking about the acquisition, Clariant CEO Hariolf Kottmann said: "The acquisition of VitaPac is in line with our strategy to grow profitably by investing in new technologies and new markets.
"It will enable us to enhance Clariant's existing portfolio of packaging solutions with new innovative products from the active packaging area, helping us to further develop our positioning in the medical specialties market."
The transaction is expected to be completed by the end of the fourth quarter of 2014 and subject to regulatory approvals.
