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    Gerresheimer buys majority stake in Shuangfeng Group 5/31/2006
    BEIJING (XFN-Asia) - Germany's Gerresheimer Group said it has bought a majority interest in Chinese pharmaceutical packager Shuangfeng Group.

    Gerresheimer, which makes pharmaceutical and cosmetics packaging, did not disclose the value or size of the stake.

    However, a company statement said the acquisition allows it to enter the Chinese market for tubular glass packaging for the first time and to develop a base for targeted transfers of products to China and/or servicing of new low-price market segments.

    The statement noted that an extra plant is being built on a greenfield site to accelerate expansion plans.

    Gerresheimer said the transaction will result in a further substantial improvement in its world market position and cost situation.

    At the end of 2005, Gerresheimer also acquired a 45.7 pct share in the Chinese moulded glass specialist, Beijing Wheaton - now known as Beijing Gerresheimer.

    Gerresheimer has 21 production locations in Europe, America and Asia, and employs more than 5,700 people around the world. Global sales total more than 630 mln eur, according to the statement.

    Shuangfeng employs 670 people in two locations, manufacturing around 800 mln pharma vials, predominantly for the domestic market.

    The acquisition is subject to approval by the Chinese authorities, which is expected in the next few weeks, the statement said.
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