Guala Closures has acquired crown manufacturer Astir Vitogiannis for around €136 million, as company owners look to expand operations.

Astir, which has two production plants in Greece and South Africa, produces around 12 billion crown closures annually, many of which are used in the beer industry. 

Through the acquisition, Guala Closures, which produces bottle closures for a range of alcoholic drinks, is aiming to grow its presence in beer.

Astir’s CEO, Stelios Vitogiannis, will remain in his position, but will now report to Guala Closures’ CEO Mauro Caneschi.

Caneschi said: “The acquisition represents a further important step in the group’s growth strategy of strengthening its market position in the glass bottle closures, alongside the goal to continue growing the business in exciting international markets and within the luxury sector both organically and through acquisitions.”

Astir’s Vitogiannis added: “This transaction is a great opportunity for the company and its employees, and will accelerate our next phase of growth. Over the last 50 years, Astir has consistently grown, becoming a leader in the crown closures segments. The entry of Guala Closures will enable the company to further expand its range of operations, becoming a platform for consolidation within its sector.”

The acquisition is expected to close in the latter half of 2024.