Verallia, a prominent glass packaging manufacturer, has entered into agreement to acquire the Italian glass business of Vidrala for an enterprise value of €230m ($249m).
The deal, which will be financed through external debt, signifies Verallia’s commitment to enhancing its glass container offerings for the food and beverage industry in the country.
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Vidrala’s Italian subsidiary operates from Corsico near Milan with two furnaces.
The business reported revenue of €131m and earnings before interest, taxes, depreciation, and amortisation of €33m in 2023.
This acquisition will enable Verallia to bolster its operations in Italy, where it will manage seven production sites upon completion of the transaction.
The deal is subject to regulatory approvals, including those from the Italian Competition Authority and the Italian Government under foreign investment regulations and other customary closing conditions.
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By GlobalDataVerallia aims to finalise the acquisition between the second and third quarters (Q2 and Q3) of 2024.
Verallia CEO Patrice Lucas said: “This transaction is in line with our strategic plan and reflects our willingness to continue on our profitable growth path, including through targeted acquisitions, allowing us to complement our footprint in strategic geographies and improve our commercial and industrial presence in Italy.
“We continue to move forward with determination on any value creation opportunity, also for the benefit of our customers, whether through organic or external growth.”
Verallia operates 34 glass production facilities across 12 countries and employs more than 10,000 people.
In November last year, Verallia announced an agreement to acquire Santaolalla Group’s cullet treatment centres.
