Bormioli Pharma S.p.A. announced that Corning Pharmaceutical Glass S.p.A., a wholly-owned subsidiary of Corning Incorporated, and Bormioli Pharma entered into a binding agreement for the sale of Bormioli Pharma’s pharmaceutical glass tubing business to Corning.
Closing of the transaction is subject to customary closing conditions and is anticipated to occur at the beginning of 2019.
“For Bormioli Pharma, this transaction is part of a wider strategy aimed at the divestiture of the non-strategic glass tubing business, currently operated in the San Vito plant, in order to focus on its core activities of developing and manufacturing innovative plastic and molded glass packaging solutions serving pharmaceutical customers' needs. This initiative represents a building block to be even more capable and proactive in partnering with customers in the evolution of the pharmaceutical industry and to become a global reference point for new frontiers in the field of health.” said Andrea Lodetti, CEO of Bormioli Pharma. “A crucial milestone of this development path is the construction of a new furnace dedicated to the production of molded glass packaging in the same San Vito al Tagliamento (Italy, PN) plant.”
About Bormioli Pharma
Bormioli Pharma exclusively serves the pharmaceutical and biopharmaceutical and nutraceutical markets with integrated glass and plastic containers, closures and accessories for packaging, using the state-of-the-art materials and technologies. This includes transparent and amber bottles in Type I, II, and III glass for a range of dosage forms, as well as child-proof and tamper-evident closures. These products are developed to guarantee drug integrity and improve patient quality of life. Bormioli Pharma employees over 900 people and has an annual turnover of approximately €220 million.