Switzerland-based chemicals company Clariant (Muttenz) announced yesterday close of the sale of its Healthcare Packaging business to a newly formed investment of private equity firm Arsenal Capital Partners (New York). The signing of the deal was first announced on July 22, 2019.
“The divestment of the Healthcare Packaging business is the first step of our announced strategy to become a more focused and innovative specialty chemical company,” said Hariolf Kottmann, Executive Chairman of Clariant, in a prepared statement.
The company will be rebranded as Airnov Healthcare Packaging and will be led by Matthias Brommer, who has been appointed President and Managing Director of the new company. He has been with Clariant for eight years and has headed its Healthcare Packaging business since 2015.
Airnov is a global leader in products used to protect pharmaceutical, nutraceutical and diagnostic products from moisture and oxygen, said a press release from the company. This includes customizable, high-quality drop-in products such as canisters and packets, integrated desiccant systems and specially designed plastic bottles containing oxygen-barrier materials. Airnov has manufacturing facilities in the United States, France, China and India and employs around 600 people.
The total consideration of the sale by Clariant reportedly amounts to approximately 308 million Swiss francs (around $306 million), which is equivalent to 13.2 times adjusted fiscal year 2018 EBITDA.