French pharmaceutical glass manufacturer SGD Pharma could be up for sale for more than €1 billion.

A Reuters news report states the glass manufacturer’s owner, China Jianyin Investment (JIC), has asked Bank of America to look for a potential buyer of the business, which has core earnings of about €100 million and could be valued at 10-12 times that.

An SGD Pharma spokesman said: “As of today, we are not aware of any decision taken by our actual shareholder China Jianyin Investment Co (JIC) or eventual wishes to sell.

“It is quite common for a shareholder to regularly consider strategic options for his investments.

“We remain fully engaged to produce the highest quality pharmaceutical packaging for our customers.”