Japan’s Sumitomo Rubber Industries (SRI) is expanding its business of rubber parts for pharmaceutical packaging by acquiring all shares of Lonstroff Holding AG (a Swiss company), which are currently held by BV Holding AG (a private equity fund). The consideration for this transaction is CHF44 million (approximately JPY 5.3 billion).
SRI will acquire Lonstroff (100%-owned subsidiary of Lonstroff) under Lonstroff by this acquisition. Established in 1908, Lonstroff is a manufacturer/seller of medical packaging materials and medical rubber parts, primarily selling to major European pharmaceutical companies. Through the acquisition, SRI will secure production facilities and marketing presences in Europe for its medical rubber parts, which are of a significant growth potential, and pursue a global marketing strategy with emphasis on Europe.