PARIS: Verallia, one of Europe’s main producers of glass packaging for beverages and food products, announced on Monday that it has entered into an agreement to acquire Vidrala’s Italian subsidiary, a leading glass container manufacturer in Italy.
The transaction, which amounts to €230 million in enterprise value, reflects Verallia’s willingness to further invest in a strategic and growing market and reinforce its glass container offering for the food and beverage industry in Italy for the benefit of all its customers.
With this acquisition, Verallia would expand its capabilities in the Italian market, where the Group would operate 7 production sites. Vidrala’s Italian subsidiary operates from one production site in Corsico near Milan, with two furnaces. In 2023, the company generated revenue of €131 million and EBITDA of €33 million.
The completion of the transaction is subject to the approval of the Italian Competition Authority under the Italian merger control law and of the Italian Government under foreign investment rules as well as the customary conditions precedent. The Group aims to complete the acquisition between the second and third quarters of 2024.
At Verallia, the purpose is to re-imagine glass for a sustainable future. The company wants to redefine how glass is produced, reused and recycled, to make it the world’s most sustainable packaging material. Verallia is joining forces with its customers, suppliers and other partners across the value chain to develop new, beneficial and sustainable solutions for all.
With more than 10,000 employees and 34 glass production facilities in 12 countries, Verallia is the European leader and world’s third-largest producer of glass packaging for beverages and food products. Verallia offers innovative, customised and environmentally friendly solutions to over 10,000 businesses worldwide.
Verallia produced more than 16 billion glass bottles and jars in 2023 and recorded revenue of €3.9 billion. Verallia is listed on compartment A of the regulated market of Euronext Paris (Ticker: VRLA – ISIN: FR0013447729) and trades on the following indices: CAC SBT 1.5°, STOXX600, SBF 120, CAC Mid 60, CAC Mid & Small and CAC All-Tradable.
Patrice Lucas, Chief Executive Officer, Verallia, said: “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.”
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