Denmark-based packaging group Faerch has acquired the Sirap food packaging business in Italy, Poland and Spain from Italmobiliare, in an effort to strengthen its European footprint.
The acquisition will enable Faerch to grows its geographic presence and provide local customers with direct access to its packaging solutions such as recyclable food grade trays.
Founded in 1960, Sirap Group is a specialist packaging subsidiary of Italmobiliare, an Italian holding company. It is involved in the production and sale of foam and rigid containers for fresh food.
Under the terms of the agreement, Faerch will acquire three production sites in Italy, Poland and Spain, with nearly 1,000 employees. The deal does not include the Sirap businesses in the UK, Germany and France, as well as the Austrian-based trading business Petruzalek, which will remain under the control of Italmobiliare.
According to Faerch, the deal also accelerates its circularity agenda and the implementation of its sustainability strategy across Europe.
Following the transaction, Faerch will have businesses in Denmark, the UK, France, Spain, Germany, Czech Republic and the Netherlands, as well as in the acquired locations in Italy and Poland.
“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. Our local customers will benefit from an extended product range and our innovative circular packaging solutions,” said Lars Gade Hansen, CEO of Faerch Group.
He added: “The Polish business perfectly complements our activities in Central Europe and allows us to even better serve our customers in Poland and adjacent countries locally from the modern Inline site. The Spanish business strengthens our already strong local presence and opens new opportunities for growth.”
The deal, subject to customary closing conditions and regulatory approval, is expected to be completed within three months.
© FoodBev Media Ltd 2020