Brazil-based flat steel maker CSN announced the acquisition of Fortaleza-based can maker Metalic Nordeste for Reals109 million (€39m), the company said in a statement - according to a report by Business News Americas.
Not included in the price is an additional Reals107 million in debt obligations that CSN will assume. The final hurdle before the purchase is sealed is to have the operation approved by CSN's shareholders next month.
Gustavo Franco, a spokesperson for the company, said that the acquisition is part of CSN's market strategy focusing on metal packaging material. By acquiring Metalic, which already used CSN's steel, the company expects to open new business opportunities and markets.