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INVESTMENT IN EQUITY SECURITIES
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN EQUITY SECURITIES INVESTMENT IN EQUITY SECURITIES
Our investment in equity securities consisted of the following:
December 31, 2023December 31, 2022
Equity Method Investments
BTY$33,090 $31,490 
Sonmol4,751 4,997 
Desotec GmbH905 863 
Other Investments
PureCycle1,106 5,297 
YAT5,352 5,508 
Loop2,894 2,894 
Others1,105 1,259 
$49,203 $52,308 
Equity Method Investments
Jinyu
On December 10, 2023, we entered into a Share Purchase Agreement to acquire 40% of the equity interests in Ningbo Jinyu Technology Industry Co., Ltd. (referred to as "Jinyu"), a leading manufacturer of dispensing technologies in China for approximately $84 million. This transaction is expected to close during 2024, subject to satisfaction and completion of various closing conditions.
BTY
On January 1, 2020, we acquired 49% of the equity interests in three related companies: Suzhou Hsing Kwang, Suqian Hsing Kwang and Suzhou BTY (collectively referred to as “BTY”) for an approximate purchase price of $32 million. We have a call option to acquire an additional 26% to 31% of BTY’s equity interests following the initial lock-up period of 5 years based on a predetermined formula. Subsequent to the second lock-up period, which ends 3 years after the initial lock-up period, we have a call option to acquire the remaining equity interests of BTY based on a predetermined formula. Additionally, the selling shareholders of BTY have a put option for the remaining equity interest to be acquired by Aptar based on a predetermined formula. The BTY entities are leading Chinese manufacturers of high quality, decorative metal components, metal-plastic sub-assemblies, and complete color cosmetics packaging solutions for the beauty industry. For the years ended December 31, 2023, 2022 and 2021, Aptar had purchases of $14.3 million, $11.4 million and $6.3 million, respectively, from BTY. As of December 31, 2023 and 2022, approximately $1.8 million and $1.5 million, respectively, was due to BTY and included in accounts payable, accrued and other liabilities on our Consolidated Balance Sheets.
Sonmol
On April 1, 2020, we invested $5 million to acquire 30% of the equity interests in Healthcare, Inc., Shanghai Sonmol Internet Technology Co., Ltd. and its subsidiary, Shanghai Sonmol Medical Equipment Co., Ltd. (collectively referred to as “Sonmol”). Sonmol is a leading Chinese pharmaceutical company that provides consumer electric devices and connected devices for asthma control.
Desotec GmbH
During 2009, we invested €574 thousand to acquire 23% of the equity interests in Desotec GmbH, a leading manufacturer of special assembly machines for bulk processing for the pharmaceutical, beauty and closures markets.
Other Investments
In prior years, we invested, through a series of transactions, an aggregate amount of $2.9 million in preferred equity investments in Loop, a sustainability company.
In prior years, we also invested, through a series of transactions, $3.0 million in PureCycle and received $0.7 million of equity in exchange for our resource dedication for technological partnership and support. In March 2021, PureCycle was purchased by a special purpose acquisition company and was subsequently listed on Nasdaq under the ticker PCT. At that time, our investment in PureCycle was converted into shares of PCT resulting in less than a 1% ownership interest. This investment is now recorded at fair value based on observable market prices for identical assets and the change in fair value is recorded as a net investment gain or loss in the Consolidated Statements of Income.
We have sold the following PCT shares related to the PureCycle investment:
Shares SoldProceedsRealized Gain
October 2021191,349$2,434 $2,000 
March 2022107,600$1,088 $841 
August 202250,000$511 $372 
July 2023248,859$2,659 $1,968 
August 2023261,590$2,945 $2,220 
For the years ended December 31, 2023, 2022 and 2021 we recorded the following net investment gain or loss on our investment in PureCycle:
202320222021
Net investment gain (loss)$1,413 $(2,110)$4,709 
On July 7, 2021, we invested approximately $5.9 million to acquire 10% of the equity interests in YAT, a multi-functional, science-driven online skincare solutions company.
There were no indications of impairment noted in the year ended December 31, 2023 related to these investments.