AptarGroup Will Acquire Stelmi Group for About $207M

AptarGroup, Inc.

today announced it has signed an agreement to acquire the Stelmi Group (“Stelmi”), a maker of elastomer primary packaging components for injectable drug delivery. This strategic acquisition expands AptarGroup's portfolio of solutions that it provides to the pharmaceutical industry. Under the terms of the agreement, AptarGroup will acquire Stelmi for an enterprise value of approximately €165 million (approximately $207 million). The purchase will be financed with available cash. The transaction, which is subject to certain regulatory approvals, is expected to close in the third quarter of this year. Established in 1964, Stelmi operates two manufacturing plants located in the Normandy region of France near Aptar's existing pharma facilities and also has an R&D center located near Paris. Stelmi had revenues of approximately €83 million (approximately $104 million) in 2011 and has achieved EBITDA (earnings before interest, taxes, depreciation and amortization) margins that were in the range of 21-25% over the past 3 years.