Ardagh to buy European packaging group

Ardagh Group is to buy European packaging group Finanziaria di Partecipazioni Industriali (Fi Par) in a deal worth up to €125 million.

Fi Par is involved in the production of metal packaging for the food and aerosol markets in Italy and Greece, trading under the names In Cam, National Can Italiana, Eurobox, European Aerosol Can, and National Can Hellas.

The acquisition, which has been approved by competition regulators in Italy, is expected to be completed in early April.

The group employs 440 people across five manufacturing locations and had sales revenues of about €150 million in 2010.

Chief executive Niall Wall said the deal would reinforce Ardagh's position in the 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," he said. "This is a really good transaction. Fi Par is a very successful business with an excellent reputation that will enhance Ardagh's overall position in Europe. We are very excited about its addition to our group."

Ardagh, which produces metal and glass packaging for food, beverage and consumer product brands around the world, employs 14,000 people in 24 countries, and has annual sales of more than €3.2 billion.