European glass packaging company Vetropack has signed a purchase agreement to acquire a glassworks from Italy-based Bormioli Rocco S.p.A.
In the 2014 fiscal year, Vetropack Group sold more than 20% of its exports to customers in Italy.
With the purchase of the glassworks in Trezzano sul Naviglio, which is home to the glass packaging business (Food and Beverage Division) of Bormioli Rocco S.p.A, Vetropack will be able to gain significant market share and further strengthen its position as a Europe-wide supplier of glass packaging.
The glassworks in Trezzano sul Naviglio produces around 140,000 tons of glass packaging every year for the food and beverage industry, most of which is sold in the Italian market.
The works employs 260 staff and generated in 2014 revenue of almost €60 million (US$67.23 million).
The new subsidiary intends to maintain and expand its current product portfolio and the customer relationships it has built up.
Integrating the new subsidiary into Vetropack Group will enlarge the range of products on offer and enable synergy effects to be leveraged.
