Industries News

Portuguese Intend to Buy back the French Glass Production

A Portuguese company BA Vidro intends to buy the package-making business from Saint-Gobain, which is the manufacturer of glass containers for foodstuff and drinks, for 4 billion euro.

A group of European banks is reported to be ready to finance this transaction.

BA Vidro is the second manufacturer of glass on the Iberian Peninsula. The annual turnover of the company makes up 234 M euro.

Details of the potential transaction are not commented.

Last week Benua Bazi, the Chief Financial Officer of Saint-Gobain, noted that the company is ready to give up its packing assets for the sake of refinancing.

The fate of certain assets of Saint-Gobain will be defined in the second half of 2009. Currently the company owns 60 plants, based in Europe, US, Latin America. The staff of the company is 15000 employees.

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