Goldman Sachs Takes 20% Stake as Gerresheimer Pushes Through Factory Closure and Centor Sale

Goldman Sachs raises stake in Gerresheimer to 20.13% as the packaging group navigates plant shutdowns, delayed annual report, and Centor sale to shore up liquidity.

The packaging group Gerresheimer is navigating one of the most turbulent periods in its recent history, juggling a factory shutdown, a delayed annual report, and a high-stakes divestiture. Yet amid the upheaval, a major Wall Street player has signalled confidence by building a significant stake.

Goldman Sachs Group has lifted its holding in the Düsseldorf-based company to 20.13%, according to mandatory disclosures. The position, which combines direct voting rights and financial instruments, was previously just under 19%. Market observers view the increase as a vote of confidence during a phase when the company is grappling with operational and accounting headwinds. The only other notable shareholder above the 3% threshold is Nationale-Nederlanden.

The timing of Goldman’s move coincides with tough decisions on the ground. Gerresheimer is closing its plant in Illinois, a facility that produces pharmaceutical glass packaging. The shutdown, affecting 172 employees, will take place before the end of the year. Production capacity is being shifted to India and Italy as part of a broader push to streamline costs and transform the group into a global systems provider.

At the heart of the restructuring effort is the planned sale of Centor, the US subsidiary specializing in drug packaging. More than ten potential buyers are currently conducting due diligence, and management aims to complete the transaction before year-end. Morgan Stanley is advising on the process — the same bank that recently trimmed its own Gerresheimer stake to below 5% at the end of April.

The Centor disposal is critical for shoring up liquidity. Gerresheimer secured some breathing room in the spring when holders of its Schuldschein loans agreed to extend a deadline until the end of September 2026. Covenant terms on leverage ratios have also been suspended through the autumn. This reprieve gave the board the space to reject an unsolicited takeover approach from US rival Silgan, which offered €41 per share. Management opted to press ahead with internal restructuring instead.

The company still faces a significant credibility gap at the bourse. The audited annual report for the prior year has yet to be published, and investors are not expecting it before June. Until that document lands, institutional buyers are keeping their distance. The BaFin probe into the company’s accounts is also ongoing, and the 2026 revenue target of up to €2.4 billion remains conditional on a clean regulatory outcome.

Despite the uncertainty, the stock has staged a sharp recovery in recent weeks. Over the past month, the share price has climbed roughly 40% to €26.16. The Relative Strength Index of 14.4 points to a deeply oversold condition. On a 12-month view, however, the picture remains bleak, with a loss of around 56%.

Key dates are now firmly on the calendar. June will bring both the audited annual report and first-quarter results, followed by the half-year figures on 14 July. The creditor deadline runs until September, giving management a narrow window to demonstrate progress on the Centor sale and restore confidence in the balance sheet.