Vetropack has agreed to acquire Glass Container Company and Glass Container Prim to expand its operations in Moldova
Vetropack has agreed to acquire glass packaging manufacturing platform in Moldova. (Credit: Vetropack)
Switzerland-based glass packaging solutions provider Vetropack has signed an agreement to acquire the Moldovan glass packaging manufacturing platform from Western NIS Enterprise Fund (WNISEF) for an undisclosed sum.
Western NIS has agreed to divest, alongside other shareholders, its interest in Moldova-based Glass Container Company and Glass Container Prim to Vetropack Austria Holding AG, a subsidiary of Vetropack Holding.
Vetropack is continuing its expansion strategy with the acquisition of the Moldovan glassworks in Chișinău. The acquisition of both firms will help Vetropack to expand its market presence in Central and Eastern Europe.
Vetropack Group CEO Johann Reiter said: “With this acquisition, we continue to expand in a region with which we are very familiar – a region where we have almost three decades of glass making experience.”
The new Vetropack glassworks manufactures 100,000 tonnes of glass packaging per annum
The new Vetropack glassworks in Chișinău manufactures 100,000 tonnes of glass packaging per annum for the food and beverage industry. The glass packaging solutions are sold both on a growing domestic and export market.
Both glass container companies serve multiple European wine, beer, spirits, bottled water and packaged food producers.
With around 450 members of staff, the Moldovan glassworks reported a turnover of around €40m in 2019.
Subject to the approval of the competition authorities, the deal is expected to be completed by November this year.
WNISEF president and CEO Jaroslawa Johnson said: “Beyond financial returns alone, WNISEF’s mandate is to promote the sustainable development of Moldova’s private sector and local communities, thus we are delighted that Glass Container Companies will be acquired by Vetropack, a strategic investor and one of the most respected names in the global glassworks business.”
Vetropack Group is involved in the manufacturing of glass packaging solutions for the customers in the food and beverage industry in Europe.
The group manages advanced production facilities, as well as sales and distribution offices in Switzerland, Austria, the Czech Republic, Croatia, Slovakia, Ukraine and Italy.
Separately, packaging and resource recovery company Visy Industries has completed the acquisition of Australia and New Zealand (ANZ) business unit from O-I Glass in a deal valued at around A$733m ($523m).