ITALY – Verallia, a leading manufacturer of glass packaging for beverages and food products, has entered into an agreement to acquire the Italian glass business of Vidrala for €230 million (US$249.65m).
Vidrala’s Italian subsidiary currently operates one production site in Corsico near Milan, equipped with two furnaces.
This acquisition marks a strategic move for Verallia, aiming to bolster its market share in Italy. With the addition of Vidrala’s Italian business, Verallia will now operate a total of seven production facilities in the country. The enterprise value of the transaction will be financed through external debt.
Verallia’s CEO, Patrice Lucas, underscored the significance of this transaction in the company’s strategic roadmap, emphasizing their commitment to sustainable growth through targeted acquisitions.
Lucas stated, “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.”
The completion of the transaction is contingent upon approval from the Italian government and customary conditions precedent. Verallia anticipates finalizing the transaction during the second and third quarters of 2024.
With over 10,000 employees and 34 glass production sites across 12 countries, Verallia is renowned for delivering innovative, customized, and sustainable packaging solutions to over 10,000 businesses worldwide.
Marco Ravasi, managing director of Vidrala’s Italian subsidiary, expressed enthusiasm about the acquisition, emphasizing the priority of customer service and the potential for further development in the Italian market.
Ravasi remarked, “Serving our customers is a priority, which is why I am delighted with this opportunity to continue the development of our activities in the Italian market and to integrate the Corsico production site, which complements our footprint in Italy.”
Ravasi also highlighted plans to enhance customer service by expanding product offerings and fostering continued growth in Italy.
This acquisition follows a similar deal completed by Verallia last November, in which the company acquired Santaolalla Group’s cullet treatment centers in Spain.
This involved acquiring a total of five glass waste processing facilities catering to industrial flat glass and hollow glass.
The acquisition aligns with Verallia’s sustainability goals and commitment to increasing the utilization of cullet in its packaging.
As part of the transaction, Verallia has agreed to acquire three companies under Santaolalla, namely Ecosan Ambiental, Ecolabora, and Vidrologic.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on LinkedIn and subscribe to our YouTube channel.
