Aptar Announces the Realignment of Two of its Business Reporting Segments
The Company’s Pharma Segment Remains Unchanged
CRYSTAL LAKE, Ill.--(BUSINESS WIRE)--AptarGroup, Inc. (NYSE: ATR), a global leader in drug delivery, consumer product dispensing and active material science solutions and services, today announced that it will realign two of its business reporting segments effective January 1, 2023. Aptar’s two renamed reporting segments will be Aptar Closures and Aptar Beauty. The new segment structure is designed to streamline operations, improve efficiencies and enable a stronger customer focus across all closure applications.
Aptar Closures will focus specifically on leveraging the closures platform with an aim of broadening the markets that Aptar serves with these technologies. Combining Aptar’s closures activities into one segment will allow the Company to better serve customers by concentrating its closures product design, marketing and manufacturing expertise. Additionally, the emphasis on closures within one segment will help to streamline operations and better leverage these capabilities.
The realignment will also focus and simplify Aptar Beauty and strengthen the Company’s competitive position. Aptar Beauty will develop and provide complex spray and dispensing solutions for the fragrance, cosmetics, skincare and personal care markets. The segment will also supply home care, food and beverage customers that use spray or pump dispensing technologies.
“We are taking a strategic step that will strengthen our competitive position by simplifying and focusing our organization,” said Stephan B. Tanda, President and CEO, Aptar. “This change to our structure better aligns with our customers’ needs and allows us to leverage our expertise by technology with the goal of delivering the optimal combination of growth and profitability.”
Aptar will continue to have three reporting segments: Aptar Pharma, Aptar Beauty and Aptar Closures. Aptar will disclose the recast historical financials of the new segments before its first quarter 2023 results.
Aptar is a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing and active material science solutions and services. Aptar’s innovative solutions and services serve a variety of end markets including pharmaceutical, beauty, personal care, home care, food and beverage. Using insights, proprietary design, engineering and science to create dispensing, dosing and protective technologies for many of the world’s leading brands, Aptar in turn makes a meaningful difference in the lives, looks, health and homes of millions of patients and consumers around the world. Aptar is headquartered in Crystal Lake, Illinois and has 13,000 dedicated employees in 20 countries. For more information, visit www.aptar.com.
This press release contains forward-looking statements, including the potential benefits of the realignment of our business reporting segments. Future or conditional verbs such as “will” and other similar expressions are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-Ks and Form 10-Qs. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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