Ardagh Group, previously known as Ardagh Glass, has agreed to acquire Finanziaria di Partecipazioni Industriali S.p.A (Fi.Par) subject to certain conditions, further strengthening its presence in the metal packaging industry.
MRW understands the acquisition is valued at €125m. It follows its €1.7bn acquisition of Impress last year, which saw glass recycler and container producer Ardagh Glass take the first step to branching out to the metal packaging industry.
Fi.Par, which trades under the names In Cam, National Can Italiana, Eurobox, European Aerosol Can and National Can Hellas, produces metal packaging for the food and aerosol markets in Italy and Greece.
Ardagh Group chief executive Niall Wall said: “With this acquisition Ardagh reinforces its position in two of its key product areas: metal food 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 presence in Southern Europe.”
The acquisition has been approved by the Italian competition authority and is likely to complete in early April.