Comar, Inc. Announces Plan to Sell Its Glass Manufacturing Operation to Gerresheimer's Kimble Glass, Inc. Operation
BUENA, N.J., March 26: Comar, Inc. announced on Friday that it will sell its glass manufacturing operation, with the exception of its "Glass Pipette Manufacturing" business, to Gerresheimer's Kimble Glass, Inc. operation. Kimble Glass, Inc. is a manufacturer and marketer of tubular glass products. Today's announcement is pursuant to an Asset Purchase Agreement signed March 1, 2007, the terms of which were not disclosed. The closing of the transaction is anticipated by end of March, 2007.
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. The full transition of the glass operation from Comar to Kimble is expected to take place within 6 months.
In a statement released by Henry Tamagni, Jr., President and CEO of Comar, "We appreciate all of the wonderful relationships we have developed over the years in the glass industry and, the loyalty and devotion of our workforce. We are confident that Kimble will maintain the same attention to quality and responsiveness that has been a Comar trademark, and that the same talented and professional workforce will continue to serve its customers as they have for so many years."
The divestiture of the Comar Glass Plant will allow Comar to focus its efforts on growing its plastics business. According to Mike Ruggieri, Comar's General Manager, "the sale of the glass division is the first step of a multi year strategy to refocus Comar's resources on dramatic growth in the Pharmaceutical and Health Care plastics packaging industry. We intend to expand our presence through the addition of new and innovative plastics solutions while maintaining our leading market share in glass and plastic dropper assemblies." In support of that strategy, Mike also disclosed, "We have engaged Plante and Moran Corporate Finance, LLC, (www.pmcf.com) an Investment Banker with a practice focused on Mergers and Acquisitions activities in the Plastics markets to help identify plastics acquisition candidates to expand our footprint, diversify our plastics manufacturing facilities and to provide room for significant expansion. The cash received from the sale of the glass operation will allow us to accelerate those plans."
About Comar
Comar, Inc. is a closely held private 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. For more information about Comar, please see the Company website at www.comar.com.
Source: Comar, Inc.
CONTACT: Dennis Paris, Director, Marketing & PR, of Comar, Inc.,
+1-856-507-2600, Ext. 5422, fax +1-856-692-9251, or parisd@comar.com
Web site: www.comar.com/
http://www.pmcf.com/
