French glass packaging manufacturer Verallia has successfully finalised its acquisition of Vidrala’s Italian subsidiary for an enterprise value of €230m.

The deal, first announced in February 2024, has satisfied the regulatory filing and conditions precedent and is financed by a 3-year term loan set up with a pool of international banks.

Vidrala’s Italian subsidiary operates from one production site in Corsico near Milan, with two furnaces and a capacity of 225Kt per year. The site enjoys strong positioning, particularly in the beer, food and spirits markets.

In 2023, Vidrala generated revenue of €131m and earnings before interest, taxes, depreciation and amortisation of €33m.

Almost 200 employees will reinforce Verallia’s expertise as the company works to expand its glass container offering for the food and beverage industry in Italy. Verallia Group now operates seven production sites in the country.

Verallia CEO Patrice Lucas commented: “The acquisition of the Corsico plant represents a real asset for Verallia’s growth. It is in line with our strategic plan to grow in key European markets. It is an opportunity to reinforce our operational excellence for the benefit of our customers.”

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The company recently announced the successful completion of its ninth employee shareholding offer.

The Italian packaging market was valued at 81.4bn units in 2023 and is anticipated to register a compound annual growth rate of more than 1% by 2028, with glass as a key material.