Denmark-based firm Faerch is set to acquire new food packaging businesses in a bid to further bolster its footprint in Europe.
The move involves acquiring Sirap food packaging business units in Italy, Poland and Spain, from Italmobiliare (Italy).
Founded in 1960, Sirap Group is a specialist packaging subsidiary of Italmobiliare.
The scope of the deal includes three production sites in Italy, one in Poland and one in Spain. Around 1,000 employees will migrate into Faerch, as part of the acquisition.
The acquisition will enable Faerch to provide circular packaging solutions to local customers further supporting its sustainability strategy.
Faerch Group CEO Lars Gade Hansen said: “We have been analysing the Italian market thoroughly over the last few years and are convinced that Sirap’s food packaging business represents a perfect fit for Faerch.
“Our local customers will benefit from an extended product range and our innovative circular packaging solutions.
“The Polish business perfectly complements our activities in Central Europe and allows us to even better serve our customers in Poland and adjacent countries locally from the modern Inline site. The Spanish business strengthens our already strong local presence and opens new opportunities for growth.”
The acquisition is expected to complete in three months, subject to regulatory approval and customary closing conditions.
Hansen added: “Major investments are planned to make Faerch’s circular products like our patented MAPET II for the Protein sector, CPET for hot-use applications or our unique Evolve by Faerch concept available.
“Food-to-Go customers across Europe will benefit from Sirap’s differentiating offerings providing excellent product presentation and anti-tamper closure systems.”
However, Italmobiliare will continue to own Sirap businesses in the UK, Germany and France as well as the Austrian-based trading business Petruzalek.