Gerresheimer: satisfaction at results for 2002

Chairman of glass and plastic packaging manufacturer Gerresheimer Glas AG expressed the company“s satisfaction with its 24% improvement in the operating result for 2002 durings the company annual sha…

Chairman of glass and plastic packaging manufacturer Gerresheimer Glas AG expressed the company“s satisfaction with its 24% improvement in the operating result for 2002 durings the company annual shareholder meeting in Dusseldorf on 13 May 2003. Although 2003 has been marked by national and international instability, improved results are also expected for the year. “We will continue expanding our business in the fields of pharmaceutical and cosmetic packaging,” said Herberg. The company“s strategy of investing in high-margin segments and growing further in terms of quality, is now producing results. Investments are being made in forward-looking production lines while unprofitable product lines are being closed. The business portfolio and the global production locations are constantly being adjusted to suit changes in the market. Thus, for 2002, Gerresheimer acquired the remaining 51% of the Mexican company Ampolletas, a supplier of high quality packaging for the pharmaceutical industry. In 2002, Gerresheimer Glas AG raised operating profit before interest, taxes and depreciation (EBITA) by 24% to almost EUR 43 million. Almost all the key figures in the annual report have been on an upward trend for several years. In 2002, the result before taxes was EUR 10 million, the annual profit EUR 15.8 million, cash flow was EUR 77 million and investment was EUR 76 million. Turnover, adjusted for currency and consolidation effects, went up by 2% to EUR 574 million in spite of the turbulent world economy. The focus of capital investments was the modernization of production plants and the expansion of production capacity for hypodermic systems. Subsidiary Bunder Glas has been equipped with what Gerresheimer says is the world“s most advanced plant to produce hypodermics under sterile conditions for the pharmaceutical industry. The announced squeeze-out of minority shareholders was the main point of discussion at the company“s annual shareholder meeting on 13 May 2003. The background to this is the capital holding of 98.56%, belonging to the main shareholder Gerresheimer Holdings GmbH & Co. KG, which is held by Investcorp and J.P. Morgan Partners. The decision to transfer the shares of the remaining minority shareholders to the main shareholder for a reasonable payment was agreed at the meeting. Minority shareholders will receive a cash payment of EUR 16.12 per share and a contractually agreed guaranteed divided of EUR 0.84 per share for the business year 2002.