German drugs packaging firm Gerresheimer said on Tuesday it aimed to sell its tubing glass business to U.S. glass manufacturer Corning for 196 million euros ($219.42 million), in an effort to streamline its business.

Gerresheimer and Corning also plan to set up a joint venture to speed innovation in the pharmaceutical glass packaging market, Gerresheimer said.

Gerresheimer will adjust its 2016-2018 forecasts according to the sale, the group said.

af.reuters.com