Amorim acquires 50% stake in glass closure specialist Vinolok
The world’s largest cork producer, Amorim, has entered into an agreement with Czech Republic-based Preciosa Group to acquire a 50% stake in its glass closure business Vinolok.
Corticeira Amorim, the holding company for the Amorim Group, has made the deal with Preciosa, which will retain the remaining 50% share of Vinolok.
The acquisition will give Amorim “access to Vinolok’s management”. Vinolok, which generates annual sales of around €16 million and employs 170 people, can now benefit from Amorim’s global distribution network.
Commenting on the news, chairman and CEO, Antonio Amorim, said: “Cork and glass are two key components in the history of wine and spirits and this deal brings that historical partnership to an entirely new level. The prospects of everything that it will now be possible to do in terms of innovative, convenient, yet sustainable, premium packaging are truly exciting.”
Amorim, which claims to be the world’s largest cork company, generates over €760m in revenue each year with a presence in more than 100 countries.
The group’s products are used in industries including wines & spirits, aerospace, automotive, construction, sports, interior and fashion design.
Ales Urbanek, CEO of Vinolok, added: ““The whole team at Vinolok is very excited about working with Amorim to continue to grow and develop the business, as well as with the possibility of continuing expanding our capacity.
“The identity of Vinolok will be reinforced because we now have an industrial partner that will complement our knowledge and presence in the world’s premium wine and spirits market.”
Based in the Czech Republic’s so-called ‘crystal valley’, Preciosa Group is a leading international glass manufacturer. With a presence in over 140 countries, the group crafts products including glass jewellery, lighting and cut crystals.
The news comes as Amorim extended its non-detectable TCA guarantee to its sparkling wine stoppers earlier this month. Called NDtech Sparkling, the launch follows the unveiling of the NDtech natural cork stopper in 2016 – a screening system for natural cork, which tests each stopper for TCA. Last year, Antonio Amorim said that his company will have achieved the total eradication of TCA across all of corks it produces by 2020.