Ardagh Group Expands Glass Business With $880 Million Acquisition
Ardagh Group, a global leader in glass and metal packaging solutions, has agreed to acquire US-based Anchor Glass Container Corporation for a total cash consideration of $880 million (Eur721 million). The transaction is subject to US regulatory approval and other customary closing conditions and is expected to close at the end of August 2012.
Anchor, which is headquartered in Tampa, Florida, is a technologically advanced manufacturer of glass containers serving the North American food and beverage industries. Anchor is the third largest glass container manufacturer in the US. It produces approximately 5.6 billion containers annually from its eight facilities located in the United States and employs approximately 2,700 people. Anchor has annual revenues of approximately $800 million.
Paul Coulson, Ardagh chairman, comments: “The acquisition of Anchor will increase the size of our glass business by almost 50% and is a very significant step in developing our operations in the US. It will result in approximately 25% of Ardagh’s EBITDA being generated in the US. The transaction is an important milestone in the evolution of Ardagh as it will add scale and value to our global packaging franchise.”
Niall Wall, Ardagh Group chief executive, adds: “This transaction is very significant in the globalisation of Ardagh’s glass business and follows on from the recent acquisition of Leone Industries in New Jersey. Anchor is a technologically advanced business which has developed and manufactured an array of award-winning products for a range of household names in the food and beverage industries. We are delighted with the transaction as it places Ardagh in a leading position in the US glass industry with an approximate 23% market share.”
