INEOS Group has entered into an agreement to sell its global films business to Bilcare AG for approximately $130.5 million. INEOS Films produces polymer films for pharmaceutical blister packaging, films for printing and decoration, shrink film for sleeves, capsules and plastic credit cards. The agreement comprises the business, assets and personnel related to INEOS’ Films operations across manufacturing sites in Germany, Italy, India and North America. The company employs 1,300 people.

Iain Hogan, chief executive officer INEOS Films, said, “I am very excited by the potential created by the combination of these two companies. Bringing together Bilcare’s R&D focus with our own broad production and application knowledge provides a very strong strategic fit.

Mohan Bhandari, chairman of Bilcare Ltd., said, “This acquisition is a paradigm shift in the pharma packaging space and a significant step towards creating a customer centric company to deliver path breaking innovations and establish global leadership.”

Dr. Heinz Gaertner, the newly appointed executive chairman of Bilcare AG, remarked, “This transaction presents a unique opportunity and enhances our offer to apply our innovation led approach to a broad range of industries, currently served by INEOS Films, particularly in Europe and the U.S.”

Subject to necessary regulatory filings and approvals, the transaction is expected to be completed at the end of August.