Borden to Acquire FIAP Group of Italy

Borden Inc. said 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 to about $150 million for Borden’s existing European plastic films and packaging units.