Verallia buys Vidrala's Italian factory

Verallia buys Vidrala's Italian factory

Vidrala has reached an agreement with Verallia to sell its Italian subsidiary, Vidrala Italia.

Vidrala Italia consists of a single production plant located in in Corsico near Milan, from where it supplies approximately 3% of the demand for glass containers for food and beverages in Italy.

The divestment by Vidrala follows a thorough strategic reflection. It will allow the Group to refocus on strategic regions and capture the opportunity to realise the value created in Italy. Verallia has a long-standing presence in the Italian market and the acquisition will enable them to expand their product offering to the benefit of customers.

With this acquisition, Verallia, would expand its capabilities in the Italian market, where the Group would operate seven production sites. Consideration for the transaction amounts to €230 million in enterprise value and will be financed by external debt.

In the words of Patrice Lucas, Chief Executive Officer, Verallia: “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."

Marco Ravasi, Managing Director Italy, added: “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. We plan to further improve the service to our customers with an even broader product range and continue to grow our business in Italy.”