Sustainable packaging firm Faerch Group has announced the acquisition of the Sirap food packaging business in Italy, Poland and Spain, from Italmobiliare.
The acquisition enables the Denmark-based Faerch Group to expand its geographical footprint and 'provide local customers with direct access to Faerch’s value added, innovative packaging solutions', it said in a statement.
It includes three production sites, in Italy, Spain and Poland, while close to 1,000 employees will switch to Faerch Group as part of the deal.
The transaction is expected to close within three months, subject to customary closing conditions and regulatory approval.
'A Perfect Fit'
“We have been analysing the Italian market thoroughly over the last few years and are convinced that Sirap’s food packaging business represents a perfect fit for Faerch," commented Lars Gade Hansen, CEO of Faerch Group.
"Our local customers will benefit from an extended product range and our innovative circular packaging solutions."
On the markets in which the group will now have a presence, Hansen added that the Polish business "perfectly complements our activities in Central Europe", while in Spain, the acquisition "strengthens our already strong local presence and opens new opportunities for growth".
Faerch Group, which specialises in manufacturing food grade recyclable packaging, operates 11 production sites in Denmark, Great Britain, France, Spain, the Czech Republic and the Netherlands.
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