Montreal, QC – Alcan says it has entered into an agreement to sell its Wheaton Science Products business in New Jersey to River Associates Investments, a private equity group headquartered in Chattanooga, Tennessee. The parties expect to complete the transaction in November, following regulatory approval.
“Alcan Global Pharmaceutical Packaging is focusing resources on its primary pharmaceutical and medical packaging portfolios,” says Michael Rubenstein, president, Alcan global pharmaceutical packaging. “The company is moving strategically to grow its business in markets where it already holds substantial scale and leadership positions.”
The three Millville, New Jersey, locations employ approximately 225 people and specialize in the production and distribution of apparatus and equipment for scientific laboratories. Wheaton Science Products recorded sales of around US$50 million in 2005.
As part of the transaction, Alcan has entered into a long term, exclusive supply agreement to continue providing Wheaton Science Products with pharmaceutical grade glass tubing, vials, ampoules, and plastic containers and closures.