Spanish glass manufacturer Vidrala has bought a minority stake in Brazilian glass producer Vidroporto.
Vidrala said it had acquired a minority stake of 29.36% of the share capital of the Brazilian company for 297 million Brazilian reals (€53 million euros).
Vidroporto, with its subsidiary Indústria Vidreira do Nordeste, is a Brazilian producer of glass containers.
It operates two plants located in Porto Ferreira, State of Sao Paulo, Southeast Region, and Estância, State of Sergipe, Northeast Region, from where it supplies packaging to some of the main brands in Brazil in segments such as beer, liquors or soft drinks, explained Vidrala in a notification sent to the Spanish National Securities Market Commission (CNMV).
In 2022, Vidroporto achieved sales and EBITDA of around 700 and 190 million Brazilian reais, respectively.
Vidrala has noted that the Brazilian company is immersed in "an advanced process of expansive investments" that should increase capacity, sales and EBITDA by more than 25% by 2023.
Vidrala explained that this acquisition represents a first step for the long-term strategy, "diversifying the business towards the growing Brazilian market, creating a platform for future growth in regions that will offer interesting opportunities with the aim of strengthening long-term alliances term with some of the world's leading beer customers."
In addition to the above, Vidrala has reached an agreement for the purchase of the remaining 70.64% of the share capital of Vidroporto - owned by the Salzano family through its investment vehicle Quatroefe Administração i Participações Ltda - once they have resolved certain legal disputes currently affecting Quatroefe.