SCHOTT will own the majority of shares of the new company that will supply the fast-growing Chinese pharmaceutical market with high-quality pharmaceutical packaging products made of glass. The closing of the joint venture is subject to customary closing conditions.
“With the formation of this joint venture between SCHOTT and Xinkang, two strong partners are joining forces. By combining Xinkang’s knowledge of the local market with SCHOTT’s technological expertise, we will be able to supply Chinese pharmaceutical companies with high-quality packaging products even more effectively in the future,” explained Prof. Udo Ungeheuer, Chairman of the Board of Management of SCHOTT AG.
With this joint venture, SCHOTT will be strengthening its position in the important growth market of China and continuing its expansion in the emerging pharmaceutical markets. SCHOTT Pharmaceutical Systems already operates manufacturing facilities in countries like Brazil, Russia and India. The joint enterprise will manufacture at both SCHOTT’s existing site in Suzhou, Jiangsu Province and in Jinyun, Zhejiang Province.
SCHOTT and Xinkang agree on joint venture in China
Date: 21 November 2011
Source: SCHOTT/schott.com
This week, German technology group SCHOTT and the Chinese company Zhejiang Xinkang Pharmaceutical Glass Co., Ltd. signed an agreement to establish a pharmaceutical packaging joint venture in China.