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.

Fi.Par is one of the European leaders in the manufacture of aerosols and metal food packaging. The group generated sales of around €150m last year and employs 440.

Ardagh chief executive, Niall Wall said the deal is “a really good transaction”, which will reinforce the Irish firm’s position in the two key product areas of 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.”