US-based consumer packaging manufacturer Crown Holdings has completed the approximately €1.2bn acquisition of Spanish food can manufacturer Mivisa Envases.
Mivisa Envases specialises in producing two and three-piece food cans and ends, from investment funds managed by affiliates of The Blackstone Group and N+1 Mercapital and management.
The agreement was originally announced on 31 October 2013. On 14 April, the European Commission formally approved the acquisition.
Crown chairman and CEO John Conway said that the addition of a well-performing business will result in compelling benefits to both customers and shareholders.
"We are excited about the acquisition of Mivisa Envases, as it will significantly build upon Crown’s existing position in the strategically important European food can segment by substantially increasing our presence in Spain, one of Europe’s leading agricultural economies," Conway added.
Mivisa Envases is one of the largest food can producers in the Iberian Peninsula and Morocco, and operates ten manufacturing facilities, including six in Spain and one in Morocco, serving the vegetable, fruit, fish and meat segments. The company reported sales of €555m and an EBITDA of €133m for the audited fiscal year ending 30 June 2013.
Crown provides metal packaging for food, drinks, household and personal care and industrial products and metal vacuum lids and caps. It operates at least 147 plants situated in 40 countries.
Image: Crown has acquired two and three-piece food can manufacturer Mivisa Envases. Photo: courtesy of Vichaya Kiatying-Angsulee/ FreeDigitalPhotos.net.