Comar, Inc. announces closure on the sale of its glass manufacturing operation, to Gerresheimer’s Kimble Glass, Inc, operation.
Buena, New Jersey (April 2, 2007) – Comar, Inc. today announced that on Friday, March 30, 2007, it had successfully completed the sale of its glass division to Gerresheimer’s Kimble Glass, Inc operation. Kimble Glass, Inc. is a leading manufacturer and marketer of tubular glass products throughout North America. Comar will retain its glass pipette manufacturing capabilities to support its position as the industry leader in the sale of glass and plastic dropper assemblies. Kevin Rudd, president of Curtis Financial Group, LLC, a Philadelphia based regional investment banking firm, served as the exclusive financial advisor to Comar in this divestiture transaction.
Included in the transaction are the real estate, manufacturing equipment, plant operations and management personnel. The glass pipette manufacturing equipment and associated operating personnel will be relocated to the Comar plastic operations in Buena, New Jersey. Assembly of the pipettes into glass dropper assemblies will continue to be performed in the Buena facility.
According to Mike Ruggieri, Comar’s General Manager, “We are very pleased to turn over the Glass Division to the Kimble Glass Group. We are confident that they will provide the energy and support required to continue to grow the glass business in Vineland.”
As part of its corporate strategy, Comar intends to reinvest the capital obtained from the divestiture of the Glass Division in its rapidly growing Pharmaceutical and Healthcare plastics packaging business. Mike Ruggieri stated that “Comar is aggressively pursuing select acquisitions of specialty value added injection molding companies serving the pharmaceutical and Healthcare packaging segment.” In support of that strategy, Comar has engaged Plante and Moran Corporate Finance, LLC (www.pmcf.com), an investment banking firm with a practice focused on the plastics industry. Mike added that “Our plastics business is already well established with a strong customer base in the pharmaceutical, diagnostic and health care markets. We are seeking to acquire companies that will expand our geographic reach, add manufacturing capacity, and provide access to new customers in our target markets”.
About Comar
Comar, Inc. is a privately held company headquartered in Buena, New Jersey. Since 1949, Comar has been a market leading designer and manufacturer of innovative plastic packaging solutions, liquid dispensing products and a variety of tubular glass vials, serving the pharmaceutical, diagnostic, health and personal care markets.
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