Vidrala has completed the sale of its Italian business to Verallia for €230 million.
Vidrala’s Italian subsidiary operates from one production site in Corsico near Milan, with two furnaces.
The Spanish-headquartered glassmaker said the sale will help it re-focus on the core businesses and crystallise the opportunity to realise the value that has been created.
Verallia said: “Equipped with two recently renovated furnaces, the Corsico-based plant benefits from modern production facilities with a capacity of 225Kt/year and enjoys a strong positioning, particularly in the beer, food and spirits markets.
“Nearly 200 employees will reinforce Verallia’s expertise, with a view to sharing knowledge and best practices.
Verallia operates 7 production sites in Italy after the completion of the acquisition.
Patrice Lucas, Chief Executive Officer, Verallia, said: “The acquisition of the Corsico plant represents a real asset for Verallia’s growth.
"It is in line with our strategic plan to grow in key European markets. It is an opportunity to reinforce our operational excellence for the benefit of our customers. We extend a warm welcome to all Corsico teams.”
