Vidrala closes in on EUR400m deal for Encirc - reports
Spanish bottle producer Vidrala is nearing a deal to acquire Encirc, the former Quinn Glass operations in Ireland and the UK, for around EUR400m (US$473.8m), according to reports.
Álava-headquartered Vidrala has emerged as the frontrunner to buy Encirc with a deal expected to close this week, according to the Sunday Times.
Encirc's owners, Aventas Group, said in a statement yesterday it is in “advanced discussions with the preferred bidder”, but did not name the company. However, Aventas said the bidder is a “family-controlled business” that has been in the glass industry for 50 years, which matches Vidrala's description.
Aventas added: “They (the bidder) own multiple plants across Europe but no operations in Ireland or Britain which is why both plants in Encirc are such an important acquisition for them.”
Vidrala has yet to respond to a request for comment.
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