Hindusthan National Glass and Industries (HNG) has confirmed that it will buy the assets of ailing German container glassmaker Agenda Glas for approximately €50 million.
The company said it signed a pact with Germany’s insolvency administrator to buy the assets of Agenda Glas, which went into bankruptcy proceedings in February 2011. HNG expects to invest €50 million over a one-year period to buy the German company through its unit HNG Global.
“Through this acquisition, we plan to set our foot into the container glass manufacturing segment in the international market and we will also be following a high growth path in the next three years,” said HNG’s
Vice Chairman and Managing Director, Mukul Somany.
Agenda Glas supplies bottles, with capacities ranging from 5ml to 3200ml, to various industries including alcoholic beverages, pharmaceuticals, food and cosmetics. It has a daily production capacity of 320 tons.