German special glass manufacturer Gerresheimer Glas intends to considerably reduce its debts of around EUR 800 million after its stock market flotation set for June 2007. The company is aiming to floa…
German special glass manufacturer Gerresheimer Glas intends to considerably reduce its debts of around EUR 800 million after its stock market flotation set for June 2007. The company is aiming to float on the M-Dax index, which requires freely-floated stock of around EUR 600-700 million and sufficient issuing volume. CEO Axel Herberg has said that US investment group Blackstone, which owns Gerresheimer, could sell part of its stake and that capital could be increased, with the result that more than half of the shares could be issued. The company is estimated to be worth around EUR 1.5 billion. Gerresheimer produces glass for the pharmaceutical industry, with three-quarters of its over EUR 900 million turnover coming from special packaging for the sector. Turnover looks set to rise to around EUR 1 billion following the acquisition of German plastics company Wilden. Measured against EBITDA, the company“s return on sales is 18%. The flotation should enable the company to expand, with technology companies in Europe and the US said to be of interest.