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INVESTMENT IN EQUITY SECURITIES
 3 Months Ended
Mar. 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:
March 31,
2023		December 31,
2022
Equity Method Investments:
BTY$31,611 $31,490 
Sonmol4,905 4,997 
Desotec GmbH879 863 
Other Investments:
PureCycle5,485 5,297 
YAT5,532 5,508 
Loop2,894 2,894 
Others1,275 1,259 
$52,581 $52,308 
Equity Method Investments
BTY
On January 1, 2020, we acquired 49% of the equity interests in 3 related companies: Suzhou Hsing Kwang, Suqian Hsing Kwang and Suzhou BTY (collectively referred to as “BTY”) for an approximate purchase price of $32.0 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.
Sonmol
On April 1, 2020, we invested $5.0 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 have 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 have 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 November 2020, we increased the value of the PureCycle investment by $3.1 million based on observable price changes. 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 Condensed Consolidated Statements of Income.
We have sold the following PCT shares related to the PureCycle investment:
Shares SoldProceedsRealized Gain
March 2022107,600$1,088 $841 
August 202250,000$511 $372 
For the three months ended March 31, 2023 and 2022, we recorded the following net investment gain/(loss) on our investment in PureCycle:
Three Months Ended March 31,
20232022
Net investment gain (loss)$188 $(1,250)
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.
Other than the expected $1.4 million credit loss reserve against the outstanding note receivable from one of our venture investments, Kali Care, there were no indications of impairment noted in the three months ended March 31, 2023 related to these investments.