Montreal, Canada — Alcan has entered into an agreement to sell its Wheaton Science Products business in New Jersey, U.S.A. to River Associates Investments, LLC, 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,” said 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,” he added.
The three Millville, New Jersey, U.S.A. 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 approximately US$50 million in 2005.
Alcan has previously advised the required union representatives and all Wheaton Science Products employees about this intended sale.
Founded in 1990, River Associates actively engages in management buyouts, corporate divestitures, recapitalizations and family succession transactions with small and medium sized companies that exhibit historic/defensible cash flow and the ability to grow internally as well as externally through strategic acquisitions.
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.