The remaining 20% will stay in the hands of the current owner Mr. Wojciech Pawlowski, who will stay as Chairman of the Supervisory Board. Mr. Carlos Moreira da Silva, Chairman of BA and well acquainted with the Polish market, will also join the Supervisory Board of Warta.
The transaction involves the acquisition of the two Polish plants of Warta Glass, with 280.000 tons of annual capacity and 4 furnaces. The company has 650 employees in the headquarters and in the plants of Sierakow and Jedlice. Warta Glass is the Polish leader in spirits bottles and food jars, with a market share of 46% and 20% in those segments.
With this acquisition BA Vidro expands its natural market to Eastern Europe, where the economic potential may support the continuous and steady growth that BA has been experimenting in the last decade.
Sandra Santos, the CFO of BA who led the negotiations, stated that "is very hopeful that this acquisition will be the springboard for a consistent growth of the group in Eastern Europe and, with this new platform, BA will be better positioned to serve our current international customer base". “We strongly believe through this partnership, significant value added will be created for both our clients as well as our companies” adds Joanna Jaroszyk, CEO of Warta Glass.
BA/WGG Press Release
Date: 22 September 2011
Source: BA Vidro/bavidros.com
BA Vidro has concluded an agreement to acquire 80% of WARTA GLASS GROUP, a Polish glass packaging company headquartered in Poznan.