Silgan Holdings is to combine its Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium Packaging, currently owned by Ontario Teachers' Pension Plan and Ardagh Group, to form Silgan Metal Containers and Closures. The all-cash deal values Trivium at USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA (4.8x including expected synergies), and Silgan's contributed units at USD 3.8bn, 8.1x LTM adjusted EBITDA. Silgan will hold 60% and American Industrial Partners 40%, with the Trivium acquisition expected to close in mid-2027.
Why this mattersThe deal creates a larger metal containers and closures group across North America and Europe, while USD 2.3bn of cash proceeds lets Silgan retire debt.
- Trivium valued at about USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA, or 4.8x including USD 225m of expected synergies.
- Silgan's contributed Metal Containers segment and Food and Beverage Flat Cap Closures businesses valued at USD 3.8bn, 8.1x LTM adjusted EBITDA.
- Silgan receives about USD 2.3bn in cash proceeds to retire existing debt and keeps a 60% controlling stake in Silgan Metal Containers and Closures.
- American Industrial Partners holds the remaining 40% and contributes about USD 1.0bn of cash equity.
- Trivium, owned by Ontario Teachers' Pension Plan and Ardagh Group, has 57 locations, 7,200 employees and about USD 3bn of 2025 sales.
- The Trivium acquisition is expected to close in mid-2027.
- The combined venture is named Silgan MCC, with Europe accounting for 36% of its sales.
- Silgan MCC pro forma net sales are USD 9.8bn and EBITDA USD 1.5bn, with leverage of about 4.4x at closing.
- Fitch has affirmed Silgan Holdings' Long-Term Issuer Default Rating at 'BB+' with Stable Outlook, and secured debt at 'BBB-', following the transaction.
The European Commission has cleared Apax Partners' purchase of Gerresheimer's Primary Packaging Plastics unit, a business valued with Centor at about USD 1.68bn (EUR 1.5bn) enterprise value under the agreement signed in late July. The two businesses ran 16 plants in nine countries, employed around 2,400 people and generated about USD 639m (EUR 570m) of revenue in 2025. The Commission found no overlap in the same or vertically related markets and reviewed the case under its simplified procedure.
Why this mattersClearance moves a EUR 1.5bn pharmaceutical and cosmetics primary-packaging platform into private equity hands and funds Gerresheimer's shift to drug delivery and injectables.
- European Commission cleared Apax Partners' acquisition of sole control of Gerresheimer's Primary Packaging Plastics unit on 8 October 2026 under the EU Merger Regulation
- The late-July agreement, which also included Centor, values the businesses at about USD 1.68bn (EUR 1.5bn) on an enterprise value basis
- The two businesses operated 16 plants across nine countries, employed around 2,400 people and generated about USD 639m (EUR 570m) of revenue in 2025
- The unit makes primary plastic packaging, mainly for pharmaceutical, personal care and cosmetics customers
- The Commission found the parties are not active in the same or vertically related markets; case number M.12602, simplified procedure
- Gerresheimer is divesting to reduce debt and focus on drug delivery systems, medical devices and primary packaging for injectable medicines
Gerresheimer completed the sale of its Centor business on 1 October 2026 at an enterprise value of EUR 1.50bn (USD 1.68bn), as part of a reorganisation of its portfolio. Adjusted EBITDA rose to EUR 102m in the second quarter of 2026 from EUR 67m in the first, on revenue of EUR 578m, below the EUR 614m of the prior-year quarter. A half-year report is due in November 2026 and a third-quarter statement in December.
Why this mattersCompletion closes a EUR 1.50bn step in Gerresheimer's portfolio reshaping, while second-quarter revenue still ran 6% below the prior year despite the EBITDA recovery.
- Centor sale completed on 1 October 2026 at an enterprise value of EUR 1.50bn (USD 1.68bn)
- Q2 2026 adjusted EBITDA rose to EUR 102m from EUR 67m in Q1
- Q2 2026 revenue was EUR 578m, up from EUR 523m in Q1 but below EUR 614m a year earlier
- Half-year financial report due in November 2026, third-quarter statement due in December 2026
Gerresheimer completed the sale of its US closures subsidiary Centor to funds advised by Apax Partners on 1 October 2026, about two months after signing on 29 July 2026. Centor accounts for roughly half of the combined enterprise value of about EUR 1.5bn (USD 1.7bn) agreed for Centor and the group's global Primary Packaging Plastics business. The proceeds go to debt reduction; the Primary Packaging Plastics sale is still expected to close in the first half of 2027, followed by a group refinancing.
Why this mattersThe closures exit funds deleveraging and leaves Gerresheimer concentrated on primary pharmaceutical packaging and drug-delivery systems, with one disposal still to run.
- Centor sale completed on 1 October 2026, about two months after the agreement signed on 29 July 2026
- Buyer is funds advised by Apax Partners
- Centor represents about half of the combined enterprise value of roughly EUR 1.5bn (USD 1.7bn) agreed for Centor and Primary Packaging Plastics
- Proceeds are earmarked for debt reduction, according to CFO Wolf Lehmann
- Primary Packaging Plastics disposal is expected to close in the first half of 2027, with a comprehensive group refinancing prepared with lenders afterwards
- Gerresheimer reports Q3 2026 results on 31 October 2026
Gerresheimer said preparations to close the sale of its Centor closures business are in their final stages, with completion expected in October 2026; Centor and the Primary Packaging Plastics unit together carry an enterprise value of about EUR 1.5bn, and the PPP sale is targeted for the first half of 2027. Closure of the Chicago Heights moulded glass plant was due to be completed by the end of September 2026. Preliminary second-quarter revenue was EUR 578m with adjusted EBITDA of EUR 102m, more than 50% above the first quarter.
Why this mattersThe divestments and plant closure accelerate Gerresheimer's shift to a pure pharma and drug-delivery packaging group as it works to rebuild its balance sheet.
- Preparations for closing the Centor sale are in their final stages, with the transaction expected to close in October 2026.
- Centor and Primary Packaging Plastics have a combined enterprise value of about EUR 1.5bn; the PPP sale is targeted to close in the first half of 2027.
- Closure of the Chicago Heights moulded glass plant was targeted for completion by the end of September 2026.
- Q2 2026 adjusted EBITDA was EUR 102m, up EUR 35m or more than 50% from EUR 67m in Q1 2026.
- Q2 2026 revenue was EUR 578m, against EUR 614m in Q2 2025 and EUR 523m in Q1 2026.
- H1 2026 revenue was EUR 1.10bn and adjusted EBITDA EUR 168m, versus EUR 1.14bn and EUR 224m in H1 2025.
- Gerresheimer reiterated its expectation of a stronger second half of 2026
- Gerresheimer had cut its full-year outlook in June 2026
- Gerresheimer shares rose 8% in early trading after the Q2/H1 results
- Net financial debt stood slightly above EUR 2bn, with disposal proceeds targeted to bring leverage to at or below 3.0x net debt to adjusted EBITDA
- Gerresheimer's transformation programme targets an annualised EBITDA improvement of EUR 50m to 70m through 2027
Gerresheimer's Q1 2026 results show adjusted EBITDA in its Moulded Glass segment dropping to EUR 6m from EUR 32m a year earlier, as revenue fell to EUR 144m from EUR 160m, while the Containment and Delivery Systems unit grew adjusted EBITDA to EUR 61m from EUR 51m. Free cash flow before M&A improved to negative EUR 32m from negative EUR 142m as net capex was cut to EUR 56m from EUR 113m, with the group counting on its planned EUR 1.5bn disposal of Centor and Primary Packaging Plastics to Apax Funds to support deleveraging.
Why this mattersA sharp glass-segment profit collapse alongside a large planned plastics disposal underlines Gerresheimer's pivot toward medical delivery systems while it manages deleveraging pressure.
- Moulded Glass adjusted EBITDA fell to EUR 6m in Q1 2026 from EUR 32m a year earlier, an 81% decline.
- Moulded Glass revenue dropped to EUR 144m from EUR 160m in the quarter.
- Containment and Delivery Systems revenue rose 8.8% organically to EUR 296m, with adjusted EBITDA up to EUR 61m from EUR 51m.
- Free cash flow before M&A improved to negative EUR 32m from negative EUR 142m in Q1 2025.
- Net capital expenditure fell to EUR 56m from EUR 113m in the quarter.
- Gerresheimer expects the planned EUR 1.5bn sale of Centor and Primary Packaging Plastics to support deleveraging.
German audit oversight body APAS has opened a professional proceeding against KPMG over the unqualified opinion it gave on Gerresheimer's 2024 accounts, which were subsequently found to breach IFRS, while BaFin examines further possible misstatements, including unrecognised impairments of up to EUR 196.5m in the Advanced Technologies segment. Schuldschein noteholders have separately approved, with 96 per cent support, an extension to 30 September 2026 for delivery of the audited accounts and a temporary suspension of leverage covenants. Shareholder body DSW has commissioned a legal opinion on the potential liability of former CEO Dietmar Siemssen and former CFO Bernd Metzner, and Active Ownership has disclosed a 13.67 per cent voting stake.
Why this mattersCovenant relief runs only to 30 September 2026, while possible impairments of up to EUR 196.5m constrain Gerresheimer's financing and its Advanced Technologies investment plans.
- APAS has opened a professional proceeding against KPMG over its unqualified opinion on Gerresheimer's 2024 accounts, later found to conflict with IFRS.
- BaFin is examining possible unrecognised impairments of up to EUR 196.5m in the Advanced Technologies segment.
- BaFin is also reviewing leasing liabilities possibly misstated by EUR 65.5m and capitalised development costs of EUR 29.4m.
- The bill-and-hold bookings, confirmed by an independent law firm, cover EUR 35m of revenue and EUR 24m of adjusted EBITDA recognised before delivery.
- Schuldschein noteholders approved, with 96 per cent support, an extension to 30 September 2026 for the audited accounts and a temporary suspension of leverage covenants.
- Active Ownership disclosed a 13.67 per cent voting stake and intends to seek supervisory board representation; DSW has commissioned an opinion on the liability of former CEO Dietmar Siemssen and former CFO Bernd Metzner.
- BaFin opened a new audit of Gerresheimer's consolidated interim financial statements covering 1 December 2024 to 31 May 2025.
- BaFin expanded its earlier ad hoc audit of statements as of 30 November 2024, citing further indications of accounting violations.
- The original BaFin inquiry, opened in September, concerns possible premature revenue recognition on customer contracts.
- Markus Sieger was elected Chairman of the Supervisory Board at the organisational meeting following the AGM on 29 September 2026.
- Rainer Beaujean, Markus Sieger and Eva van Pelt were newly elected to the Supervisory Board; Klaus Röhrig, previously court-appointed in 2025, was reelected.
- Discharge of the Supervisory Board and of former Executive Board members Dietmar Siemssen, Lukas Burkhardt and Bernd Metzner was deferred pending the investigations into breaches of duty.
- Current Executive Board members Uwe Röhrhoff, Wolf Lehmann and Achim Schalk were granted discharge for financial year 2025.
Shandong Linuo Pharmaceutical Packaging, listed on Shenzhen's ChiNext since November 2021, filed on 28 September 2026 for a main-board listing on the Hong Kong Stock Exchange, with China Merchants Securities International and Lego Financial Group as joint sponsors. The borosilicate glass maker ranks ninth in China's pharmaceutical glass packaging market and first in China, second globally, in daily-use heat-resistant glass. Proceeds are earmarked for industrialising semiconductor packaging glass substrates and RTU and PFS production.
Why this mattersA dual listing would give a leading Chinese borosilicate glass packaging player fresh capital to scale semiconductor glass substrates, a potential new growth line adjacent to pharma packaging.
- Filed for Hong Kong main-board listing on 28 September 2026, already listed on Shenzhen ChiNext since 11 November 2021
- Ranked 9th in China's pharmaceutical glass packaging market with 2.4% share by 2025 revenue, per Frost & Sullivan
- Ranked 1st in China and 2nd globally in daily-use heat-resistant glass, with 9.5% domestic and 5.1% global market share
- 2025 revenue was USD 146.4m (RMB 981.5m), down from USD 161.2m (RMB 1,080.8m) in 2024
- 2025 net profit was USD 5.9m (RMB 39.7m), down from USD 9.9m (RMB 66.1m) in 2024
- IPO proceeds earmarked for industrialising semiconductor packaging glass substrates and RTU and PFS production plus R&D
- Adjusted net profit for H1 2026 rose 11.9% to USD 6.8m (RMB 45.837m), even as reported net profit fell 23.9% to USD 4.7m (RMB 31.157m).
Shandong Linuo Pharmaceutical Packaging, already listed in Shenzhen as Linuo Packaging (301188.SZ), filed on 28 September 2026 for a dual Main Board listing on the Hong Kong Stock Exchange. The borosilicate glass specialist ranks second globally in heat-resistant glass for daily use with a 5.1% share and ninth in China's pharmaceutical glass packaging market. The listing filing coincides with the company's move into glass substrates for semiconductor packaging, where a pilot furnace was ignited in June 2026.
Why this mattersA dual listing would give a top-two global heat-resistant glass maker fresh capital access as it diversifies into semiconductor-grade glass substrates.
- Shandong Linuo Pharmaceutical Packaging (301188.SZ, listed in Shenzhen) filed on 28 September 2026 for a Main Board listing on the Hong Kong Stock Exchange.
- China Merchants Securities International and Lego Financial Group are joint sponsors of the HKEX listing.
- The company ranks second globally in heat-resistant glass for daily use, with a 5.1% market share, and first in China with 9.5% share, per Frost & Sullivan 2025 data.
- It ranks ninth among China pharmaceutical glass packaging suppliers, with a 2.4% market share.
- Products are sold to customers in about 60 countries across the Americas, Asia and Europe.
- A pilot furnace for glass substrates used in semiconductor packaging was ignited in June 2026, with sample provision to industry participants under way.
Uwe Röhrhoff has stepped down as interim CEO of Gerresheimer AG at his own request, a few weeks ahead of his scheduled term end in October 2026. Board members Wolf Lehmann and Achim Schalk, appointed alongside him in 2025, will take on his duties until further notice, following the July 2026 agreement to sell Gerresheimer's US subsidiary Centor and its global Primary Packaging Plastics business.
Why this mattersLeadership continuity at Gerresheimer matters as it executes the Centor and Primary Packaging Plastics divestment amid an ongoing turnaround.
- Uwe Röhrhoff has stepped down as interim CEO of Gerresheimer AG at his own request, effective 14 September 2026.
- He was appointed interim CEO on 1 November 2025 for a term due to end no later than October 2026.
- Fellow board members Wolf Lehmann and Achim Schalk, also appointed in 2025, will assume his responsibilities until further notice.
- The move follows a late-July 2026 agreement to sell the US subsidiary Centor and the global Primary Packaging Plastics business.
- Supervisory Board Chairman Axel Herberg credited Röhrhoff with helping stabilise the company during his tenure.
- Gerresheimer has started a sale process for Centor, its US-based packaging systems business.
- Gerresheimer has rescheduled publication of its 2025 results amid a probe into its revenue recognition and accounting practices.
Goldman Sachs Group has notified Gerresheimer that its voting rights in the German packaging maker exceeded the 10% threshold, per a disclosure dated 11 September 2026. Goldman Sachs describes the holding as arising from ordinary course client facilitation and portfolio management, and says it does not intend to seek board influence or changes to Gerresheimer's capital structure or dividend policy.
Why this mattersA bank crossing a 10% threshold, even passively, adds a significant shareholder whose future trading could affect Gerresheimer's share register stability.
- Goldman Sachs Group's voting rights in Gerresheimer AG exceeded 10%, per a notification dated 11 September 2026.
- The disclosure was made under Sections 33, 34 and 43 of the German Securities Trading Act (WpHG).
- Goldman Sachs states the stake stems from client facilitation and portfolio management, not strategic intent.
- Goldman Sachs says it does not intend to influence Gerresheimer's management or supervisory board.
- Goldman Sachs says it does not intend to change Gerresheimer's capital structure or dividend policy.
- The increase was funded by a mix of external and Goldman Sachs' own funds.
- The notification was published by Gerresheimer on 19 September 2026, eight days after the 11 September 2026 disclosure date.
- Goldman Sachs may acquire further voting rights in Gerresheimer over the next twelve months depending on client trading and hedging strategies.
