Packaging group Ardagh in €125m deal to buy Italian company
Packaging group Ardagh, which is controlled by Dublin financier Paul Coulson, has agreed to acquire an Italian company in a deal understood to have an enterprise value of about €125m.
The acquisition, which is expected to be completed early next month, adds four metal packaging plants in Italy to Ardagh's portfolio, as well as another facility in Greece. Ardagh already owns five packaging plants in Italy as well as a glass container manufacturing site.
Ardagh chief executive Niall Wall said the purchase of Finanziaria di Partecipazioni Industriali (FiPar) would reinforce the group's position in two of its key product areas -- metal containers and aerosols.
"Annual group sales in Italy including glass and metal will now be substantially increased, making this one of our key geographies and further strengthening our position in southern Europe," he said.
It's not clear what the debt/equity split between the enterprise value placed on the deal is. FiPar posted sales last year of about €150m and employs 440 people.
Ardagh is one of Europe's biggest packaging groups. Late last year, it finalised the €1.7bn acquisition of packaging firm Impress, giving the combined entity annual revenues of about €3bn.
Ardagh bought Impress, which makes containers such as metal cans, from private equity group Doughty Hanson, which also owns TV3. Among Impress clients are John West and Del Monte. In 2009, Ardagh's revenues fell 9pc to €1.23bn and it made a €74m loss, compared to a €13.4m loss, in 2008.