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$130 million moves pharma films business to Bilcare

India's Bilcare Research spent approximately $130 million (€100 million) to acquire the global film extrusion operation of Ineos, one of the world's largest suppliers of petrochemicals and plastics. A binding agreement between the two, announced today (Aug. 2), includes Ineos' films operations, assets and personnel in North America, Europe, and Asia.

Ineos Films extrudes and calenders rigid PVC for use in pharmaceutical blister packaging, films for printing and decoration, shrink film for sleeves, capsules, and plastic credit cards; the company also does some processing of amorphous PET films. Bilcare is well known for its expertise in conversion of films to hinder counterfeiting.  

The acquired business employs around 1300 at its extrusion plants in Germany (three facilities), Italy (two), two in India, and one in the U.S. in Delaware City, DE. It has a turnover of about $314 million (€240 million). The acquisition is being handled as a merger through Bilcare's German subsidiary. Bilcare expects to complete it by the end of August, subject to necessary regulatory filings and approvals.

Mohan Bhandari, the chairman of Bilcare Ltd., who in 1995 founded the company, did not mince words when describing his take on the significance of the acquisition, saying, "This acquisition is a paradigm shift in the pharma packaging space and a significant step towards creating a customer-centric company to deliver path-breaking innovations and establish global leadership."

Ineos Films' CEO Iain Hogan chimed in, adding, "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."

Bilcare, with about 500 employees, has facilities in Pune, India, its headquarters, and in Singapore, in Phoenixville, PA, and the UK. The sites in India and Singapore extrude film, with secondary processing done at the U.S. and Crickhowell, Wales sites. [email protected]

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