Vidrala has completed the acquisition of Brazilian glassmaker, Vidroporto for €384 million.

The Spanish glass manufacturing company said the acquisition continues its internationalisation process.

The company said: “It boosts the diversification of the business towards the growing Brazilian market and represents a base for potential future development in regions that will offer interesting opportunities and will strengthen long-term alliances with strategic customers.”

Gorka Schmitt, CEO of Vidrala, said: "We continuously analyse and assess the different opportunities that arise in the various markets.

“This strategic move lays the foundations for establishing a platform for the future, in regions that show promising potential for the growth of our people and our project".

Vidroporto, with its subsidiary Indústria Vidreira do Nordeste, is a Brazilian producer of glass containers.

It also operates two plants located in Porto Ferreira, São Paulo state, southeast region, and Estância, Sergipe state, northeast region, from where it supplies containers to Brazilian brands in segments such as beer, spirits and soft drinks.

In the full year 2023, Vidroporto expects sales of approximately R$850 million and EBITDA of approximately R$300 million.

The Porto Ferreira plant received an expansionary investment this year.

The new facility, which has increased Vidroporto's total production capacity by 35%, started operations at the beginning of the second half of this year and is expected to have an impact on results in 2024.