European glass container manufacturer BA Glass has acquired a majority stake in Mexican glass packaging producer Vidrio Formas.
The deal saw BA acquire a 60% equity stake in the Mexican company for an undisclosed amount.
With two plants based in Mexico, Vidrio supplies glass packaging for the spirits and food sectors and recorded a turnover of €125m ($133m) in 2022.
The strategic acquisition will expand BA’s presence in the Mexican and American glass packaging markets.
It will also strengthen its position in the glass packaging industry by using Vidrio’s industrial and commercial capabilities.
BA is said to be one of the largest glass packaging producers in the world, serving the food and beverage markets.
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The company operates 12 plants located in Europe and has an annual production capacity of more than ten billion glass products.
It generated more than €1.5bn in sales in 2022.
Following this acquisition, BA will register an annual turnover of more than €1.8bn, and earnings before interest, taxes, depreciation, and amortisation of €600m.
Additionally, the company’s workforce is set to expand to 4,800 employees, representing more than 15 nationalities, reflecting its growing global presence.
BA Glass Group CEO Sandra Santos said: “The most relevant assets of any company are its people and customers, and we found many of those in Vidrio Formas.”
Vidrio will also be renamed to BA Glass México, it was also reported.