Clondalkin Group Acquires Keller Crescent
Commenting on the acquisition, Norbert McDermott, the Clondalkin Group CEO, said:
“We are delighted to complete the Keller Crescent acquisition. Keller Crescent is deservedly the strongest independent brand name in the pharmaceutical market in North America and is synonymous with top quality service and supply of packaging components to the pharmaceutical markets.
“In terms of locations, technology, product capability and customers supplied, Keller Crescent complements our Pharmagraphics operations extremely well. Coupled with our European capabilities, Clondalkin now has the presence and experience to service this truly global market. In total, we have 10 dedicated pharmaceutical packaging production locations in the United States, Ireland, Poland and Puerto Rico and we also deliver the pharmaceutical standard as a specialization from several more of our production sites.
“Completing the Keller Crescent acquisition is a very important step in enhancing Clondalkin’s product portfolio, where our focus is on high value added products, as it increases our pharmaceutical, healthcare, cosmetics/toiletries and personal-care activities to almost 25% of our annual Group sales.
“By continuously developing our existing operations and by acquiring well-established complementary businesses, Clondalkin has been successfully repositioned as one of the most diversified groups in the worldwide packaging sector. In addition to the pharmaceutical specialization, we also have strong positions in food and beverage, accounting for 25% of annual sales and in industrial, services, agricultural and fast-moving-consumer-goods which each account for between 10% and 15% of our sales.
“In anticipation of this acquisition and further near term development opportunities, we are also pleased to announce that we have successfully completed a major refinancing of Clondalkin in recent weeks whereby we accessed two new tranches of Floating Rate Note bonds. Reflecting our strong financial performance, the bond offering was over subscribed by a record breaking nine times.
“We welcome the Keller Crescent companies into Clondalkin Group and we look forward to continuing the successful development of its business with the help of its management and employees.”