Vidrala, through its subsidiary Inverbeira Sociedad de Promoción de Empresas, has completed acquisition of Encirc, an Irish manufacturer of glass containers for the food and beverage industries, for €408.6m.
Encirc manufactures glass containers supplying packaging for a solid base of customers in Ireland and the UK, within the food and beverage markets.
Vidrala CEO Gorka Schmitt said: "This integration will enhance the resulting group's position in the European glass packaging market."
In 2014, Encirc's sales forecast stood at a range of GBP243-245m while earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at GBP47-48m.
Encirc also provides filling capabilities and logistic services through its two sites located in Derrylin, Ireland, and Elton, Cheshire, England.
Employing almost 1,200, Encirc will now retain its identity under the management of the current team and will join Vidrala.
Encirc managing director Adrian Curry said: "Vidrala has a sizeable presence in Europe and has committed to supporting Encirc's continued development and investment.
"This will ensure that the business will continue to grow, innovate, maintain and enhance its market-leading position to the benefit of Encirc's employees, customers, suppliers and local communities alike."
Image: Vidrala acquires glass containers manufacturing firm Encirc. Photo: courtesy of VIDRALA S.A.
