Ardagh buys Italian firm

IRISH packaging and bottling company, Ardagh Glass has significantly increased its presence in the Italian packaging market via the acquisition of local group, Finanziaria di Partecipazioni Industriali (Fi.Par), for an estimated €125 million.

Ardagh announced yesterday that it has reached agreement to buy the Italian company and hopes to complete the deal — which has already been approved by the Italian competition authority — next month. The estimated consideration is likely to include Fi.Par’s outstanding debt.

The Irish company currently operates four bottling plants across Italy. This deal will increase that number to nine.