Vidrala Completes Full Takeover Of Vidroporto
Vidrala has announced the acquisition of the entire share capital of Vidroporto for €384 million at current exchange rates. This figure includes the minority stake acquired at the beginning of the year, the remaining majority stake acquired now and the debt assumed in the Brazilian company.
With this transaction Vidrala continues its internationalisation process and expects it to contribute positively to the group's consolidated profits and cash generation from the start of its integration. The acquisition of Vidroporto represents an important step for the company's long-term strategy, as it boosts the diversification of the business towards the growing Brazilian market and represents a base for potential future development in regions that will offer interesting opportunities and will strengthen long-term alliances with strategic customers.
According to Gorka Schmitt, CEO of Vidrala, "We continuously analyse and assess the different opportunities that arise in the various markets. This strategic move lays the foundations for establishing a platform for the future, in regions that show promising potential for the growth of our people and our project".
Vidroporto, with its subsidiary Indústria Vidreira do Nordeste, is a competitive Brazilian producer of glass containers. It operates two high-tech plants located in Porto Ferreira, São Paulo state, southeast region, and Estância, Sergipe state, northeast region, from where it supplies containers to some of Brazil's leading brands in segments such as beer, spirits and soft drinks.
In the full year 2023, Vidroporto expects sales of approximately R$850 million. The Porto Ferreira plant has received a significant investment. The new facility, which has increased Vidroporto's total production capacity by 35%, started operations at the beginning of the second half of this year and is expected to have an impact on results in 2024.
