Vidrala announces that it has reached an agreement with Verallia to sell its Italian subsidiary, Vidrala Italia S.r.l.
- Vidrala’s Italian subsidiary operates from one production site in Corsico near Milan, with two furnaces. In 2023, the company generated revenue of EUR 131 million and EBITDA of EUR 33 million.
- Vidrala Italia supplies approximately 3 percent of the demand for glass containers for food and beverages in Italy.
- This transaction 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
The divestment follows a thorough strategic reflection. It will allow the Vidrala Group to refocus on strategic regions and capture the opportunity to realise the value created in Italy.
With this acquisition, Verallia would expand its capabilities in the Italian market, where the Group would operate 7 production sites. Consideration for the transaction amounts to EUR 230 million in enterprise value and will be financed by external debt.
Patrice Lucas, Chief Executive Officer of 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 Verallia 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.”
Information relating to the acquisition
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.