The funds obtained from the operation will be used to reduce debt and pay shareholders an extraordinary dividend.

MADRID, 28 Feb. (EUROPA PRESS) -

Vidrala has signed an agreement for the sale of its Italian subsidiary to Verallia for an amount of 230 million euros, subject to the usual adjustments in this type of operations, the glass manufacturer informed the National Stock Market Commission this Wednesday. (CNMV).

The transaction will provide Vidrala with an accounting capital gain before taxes of approximately 100 million euros.

Vidrala Italia, the Italian subsidiary of Vidrala, achieved sales of 131 million euros and a gross operating result (Ebitda) of 33 million euros in 2023.

Vidrala's Italian subsidiary is made up of a single production plant located in northern Italy, from where it serves approximately 3% of the transalpine country's demand for glass containers for food and beverages.

The company has stressed that this divestment occurs "after deep strategic reflection." "It will allow the Vidrala group to refocus on strategic regions and capture the opportunity to materialize the value created in Italy," highlighted the glass manufacturer.

The closing of the operation is pending obtaining the usual approvals, including that corresponding to the Italian competition authorities, which Vidrala estimates will occur between the second and third quarters of 2024.

If the transaction is closed according to the agreed terms, Vidrala will partially allocate the funds obtained from this operation to reduce debt and to remunerate shareholders through an extraordinary dividend that the board of directors would propose for approval at the general meeting of shareholders.