Crown Holdings splashes out €1.2bn on Spanish food can manufacturer

31-Oct-2013 - Last updated on 31-Oct-2013 at 15:17 GMT

Crown Holdings acquires Mivisa Envases

Crown Holdings is to buy a Spanish manufacturer of two- and three-piece food cans and ends for a cash fee of €1.2bn.

Mivisa Envases, SAU had sales of €555m and EBITDA of €133m for the audited fiscal year endedJune 30, 2013.

The firm serves the vegetable, fruit, fish and meat segments, operating ten manufacturing facilities, including six in Spain and one in Morocco.

The acquisition is subject to review by the European Commissionand other competition authorities, with an expected closure during 2014.

John W. Conway, Crown chairman and chief executive officer, said: "We are excited about the acquisition of Mivisa, as it will significantly build upon Crown's existing position in the strategically important European food can segment by substantially increasing our presence in Spain, one of Europe's leading agricultural economies.

“Mivisa has demonstrated impressive sales and profitability growth in recent years through prudent investment, highly efficient manufacturing practices, focused innovation and excellent customer relationships.

“We believe that adding this well-performing business to our broad network of food can operations in Europe will result in compelling benefits to both customers and shareholders."

Crown Holdings will host a webcast today at 10:00 am EDT to discuss the deal.