Gerresheimer has locked in a major $1.7 billion divestment, striking a deal to sell two packaging businesses to an affiliate of funds advised by Apax Partners. The move puts Centor and the company’s global Primary Packaging Plastics unit on a separate track, while also giving Gerresheimer a cleaner path to reshape its balance sheet and refocus on higher-margin healthcare work.
The two businesses carry a combined enterprise value of €1.5 billion, and no extra financial details were disclosed. Both sales will move forward independently, and both still need the usual closing steps and regulatory approvals before they are done.
The real story here is not just the sale price. Gerresheimer plans to use the cash to tighten up its capital structure, trim debt, and reduce financing pressure, which has been weighing on the company for some time.
That message came through clearly from chief financial officer Wolf Lehmann, who said: “We will use the expected cash inflows to accelerate our debt reduction. Together with the planned comprehensive refinancing, this will significantly reduce our interest expenses and achieve a sustainable capital structure.” It is the kind of corporate reset that usually signals a company wants fewer distractions and a lot more breathing room.
Apax Funds is stepping into a business that has a strong footprint in drug packaging. Centor supplies systems for dispensing prescription medications in the US, while the broader Primary Packaging Plastics operation serves customers around the world with plastic packaging products used in healthcare and pharma.
The footprint is wide. The deal includes the Centor site in the US and 15 manufacturing locations for primary plastic packaging spread across nine countries, which means Apax is not buying a small niche operation, but a sizable industrial platform with global reach.
At the operating level, these units are far from tiny. In 2025, they generated about €570 million in combined revenue and employed around 2,400 people, so the transaction carries real scale and plenty of moving parts.
Gerresheimer expects the Centor sale to close by the end of financial year 2026, with the primary plastics business likely finishing in the first half of FY27. Those timelines matter because large carve-outs like this often take time, especially when separate approvals and transition work are involved.
For Gerresheimer, the divestment also lines up with a sharper strategic shift. CEO Uwe Röhrhoff said the company wants to concentrate on “high-value” drug delivery systems, medical devices and primary packaging for injectable drugs, which is a clearer lane for a healthcare packaging company trying to strengthen its core identity.
The backdrop makes the move even more interesting. Gerresheimer reported a consolidated net loss of €318.7 million in FY25, compared with adjusted net income of €84.3 million a year earlier, a swing that shows just how rough the period has been.
That deterioration was tied in large part to non-cash depreciation, amortisation and impairment charges totaling €521.5 million. Big accounting hits do not solve the day-to-day business on their own, but they do explain why management is so eager to bring down leverage and clean up the financial picture.
Earlier in April, Gerresheimer also turned down a takeover proposal from US-based Silgan, according to a Reuters report, which suggested the company was already weighing different paths for its future. This latest deal tells a different story, one where the company is choosing to reshape itself from the inside rather than hand the whole thing over to a buyer.
The result is a more focused Gerresheimer, a larger and more specialized bet for Apax, and a packaging sector deal that shows just how valuable healthcare-related assets remain. With debt reduction, refinancing, and operational focus all now in the mix, the next stretch will be about execution, timing, and whether the new structure gives the company the lift it is looking for.
