Ardagh Group to seek listing in US

ARDAGH Group, the international bottle and packaging company, is to seek a listing in the US, possibly as early as the third quarter of this year.

The company produces around 25 billion food and drink containers a year in 24 countries.

The company said it will use the money generated by the listing to cut borrowings and carry out takeovers when opportunities arise.

Ardagh shot to prominence last year after the €1.7 billion acquisition of Dutch metal packaging company Impress Co-operative from private equity firm Doughty Hanson.

Ardagh has yet to decide how much it wants to raise from the flotation.

It added, however, that the proceeds will be used for repayment of debt and capital expenditure.

Founded in Ireland in 1932 the business is now headquartered in Luxembourg. It employs 14,100 people in 24 countries with annual global sales of more than €3.2 billion.

In March the group agreed to acquire Finanziaria di Partecipazioni Industriali (Fi Par), subject to certain conditions.

Fi Par is a group engaged in the production of metal packaging for the food and aerosol markets in Italy and Greece.

Fi Par had sales of €150m in 2010 and employs 440 people in its four manufacturing locations in Italy and one in Greece.

Ardagh is a recognised global leader in rigid packaging, producing metal and glass storage for most of the world’s leading food, beverage and consumer product brands.