US-based packaging products manufacturer Crown Holdings has signed a deal to acquire Spanish food cans manufacturer Mivisa Envases for EUR1.2bn ($1.6bn) cash transaction.
The acquisition, which is subject to approval of the European Commission and other competition authorities, is expected to be completed during 2014.
Crown chairman and chief executive officer John Conway said the acquisition of Mivisa will build upon the company’s existing position in the strategically important European food can segment by substantially increasing its presence in Spain.
"Mivisa has demonstrated impressive sales and profitability growth in recent years through prudent investment, highly efficient manufacturing practices, focused innovation and excellent customer relationships," Conway added.
"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."