Swiss glass packaging firm Vetropack has acquired glassworks in Trezzano sul Naviglio from Italy-based Bormioli Rocco with a view to expanding product range and increasing its footprint in the Italian market.
The company, which has its arms in Switzerland, Austria, the Czech Republic, Slovakia, Croatia and Ukraine, clocked more than 20% of its exports to Italian consumers in 2014.
Having a production capacity of around 140,000 tons, the unit at Trezzano sul Naviglio caters to food and beverage sector.
Purchase of the unit, which helps 260 people earn their livelihood and post revenues worth €60m in 2014, is also expected to bolster Vetropack's foothold in the European market.
Vetropack CEO Claude R. Cornaz said: "Having our own works in a country where we have been a sought-after partner of the food and beverage industry for decades is an ideal next step in our Group's expansion.
"We're now in a position to develop further in a region that we are extremely familiar with. This will benefit our existing customers as much as those we will be welcoming thanks to our new glassworks in Trezzano sul Naviglio and those we still have to win."
The new entity would also seek to maintain customer relationships, the company said.
Both parties declined to disclose the purchase price.