Falorni Tech Glass Melting Technology
Filtraglass

Vidrala executes letter of intent for the acquisition of Santos Barosa

Vidrala executes letter of intent for Santos Barosa acquisition

Vidrala, S.A. has executed a letter of intent for the acquisition of a controlling stake in the Portuguese company Santos Barosa Vidros, subject to the conduction of the relevant legal and financial reviews, as well as to the execution of the corresponding transaction agreements.

Vidrala, S.A. has executed a letter of intent for the acquisition of a controlling stake in the Portuguese company Santos Barosa Vidros, S.A. The eventual acquisition remains subject to the conduction of the relevant legal and financial reviews, as well as to the execution of the corresponding transaction agreements. In addition, the closing of the transaction will be conditioned upon the approval by the relevant antitrust authorities.
Santos Barosa manufactures and sells glass containers and owns a major production facility located in Marinha Grande, Portugal. The company produces around 400,000 glass tons per year, with an estimated turnover for 2017 ranging between EUR 130 and 135 million, and an estimated operating result, EBITDA, ranging between EUR 32 and 34 million.
The agreed transaction price amounts to an enterprise value equivalent to EUR 250 million, approximately. Said figure could vary moderately depending on the indebtedness effectively assumed at the transaction closing.
The execution of the definitive documents and the closing of the transaction are expected to take place during the third quarter of 2017.
Vidrala’s board of directors and the management team have been admiring for years the quality of the business developed by Santos Barosa, grounded in modern manufacturing facilities and solid commercial relationships with their clients. Vidrala has shown capacity for the integration of companies within the group, fostering their respective positionings, promoting customer satisfaction and contributing to their local futures through its proved expertise in the glass packaging business and its strongly industrial long-term vision.
Adding this complementary business to our network will result in compelling benefits to customers, employees and shareholders.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news