PHILADELPHIA (AP) — Crown Holdings is spending $1.64 billion to acquire the Spanish canning company Mivisa Envases and expand its footprint in Europe.
Mivisa is the largest canner in the Iberian peninsula with sales of more than $500 million, Crown said Thursday. The company operates 10 plants in Spain and one in Morocco, which primarily can vegetables, fruit, fish and meat.
The Philadelphia packaging company is buying Mivisa from affiliates of the Blackstone Group. The deal is expected to close next year, according to Crown Holdings Inc., subject to review by the European Commission and other regulatory authorities.