P. M. BRIEFING : Borden to Buy Italian Company
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NEW YORK — Borden Inc. said today it has agreed to acquire FIAP Group of Milan, Italy, in a move that will increase Borden’s European plastic packaging business by about 60%.
Borden, a diversified consumer products company that last month announced 7,000 layoffs and the closure of 65 dairy plants, did not disclose how much it will pay for FIAP.
FIAP’s estimated 1989 sales are about $90 million, compared with about $150 million for Borden’s existing European plastic films and packaging units.
Borden, the nation’s largest dairy company, also is a leading manufacturer of plastic food wraps used by institutions and restaurants.
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