{"id":659872,"date":"2026-10-20T01:30:15","date_gmt":"2026-10-20T01:30:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/659872\/"},"modified":"2026-10-20T01:30:15","modified_gmt":"2026-10-20T01:30:15","slug":"ardaghs-new-owners-to-sell-food-cans-joint-venture-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/659872\/","title":{"rendered":"Ardagh\u2019s new owners to sell food-cans joint venture \u2013 The Irish Times"},"content":{"rendered":"

Ardagh Group<\/a>\u2018s creditors-turned-owners are pressing ahead with plans to dismantle the packaging multinational built by Irish financier Paul Coulson<\/a> over 25 years, with a deal announced on Monday to sell its food-cans joint venture. <\/p>\n

The company, which traces its roots back to the 1932 foundation of the long-defunct Irish Glass Bottle Company, said it would receive $90 million (\u20ac80.2 million) in net proceeds from the sale of its 42 per cent stake in Trivium Packaging to Connecticut-based packaging group Silgan Holdings. <\/p>\n

Trivium\u2019s majority owner, the Ontario Teachers\u2019 Pension Plan, is also selling its stake to Silgan in a deal that puts an enterprise value on the highly-indebted business of $3.4 billion (\u20ac3 billion). <\/p>\n

The deal comes less than a week after the Luxembourg-based Ardagh Group, which recorded $9.6 billion of sales last year, excluding Trivium, got the go-ahead from a court in the grand duchy to proceed with a plan to sell its 76 per cent-owned drink-cans unit, Ardagh Metal Packaging (AMP). <\/p>\n

AMP, which is listed in New York and has a market value of $2.8 billion, is the most valuable part of the corporate giant built by Coulson through a series of debt-fuelled acquisitions over the years.<\/p>\n

That was before he lost control of the business last year to a group of senior unsecured and junior bondholders \u2013 who were owed $4.2 billion \u2013 in a significant debt restructuring. The deal saw legacy equity holders, led by Coulson, being paid $300 million to walk away.<\/p>\n

[\u00a0Ardagh weighs selling African glass unitOpens in new window<\/a>\u00a0]<\/p>\n

The new owners were reported earlier this month to be weighing the potential sale of Ardagh Group\u2019s African glass business. Conversations over a possible sale of the unit, which Ardagh bought in 2022 for an enterprise value of $1 billion, are said to be at an early stage. <\/p>\n

The Trivium sale is expected to close in mid-2027 and is subject to required regulatory approvals and other customary closing conditions, Ardagh Group said. <\/p>\n

\u201cThe sale agreement of Ardagh Group\u2019s minority investment stake in Trivium represents a favourable outcome for all stakeholders,\u201d said Ardagh Group chairman Mar Porto. \u201cFor Ardagh Group, the disposal of a noncore investment helps to simplify our overall business and organisational structure, with the net cash proceeds expected to be used towards reinvestment in the business or towards debt reduction.\u201d<\/p>\n

Ardagh Group\u2019s net debt amounted to $8.89 billion at the end of June, which equated to 6.1 times its earnings before interest, tax, depreciation and amortisation for the preceding 12 months. <\/p>\n","protected":false},"excerpt":{"rendered":"Ardagh Group\u2018s creditors-turned-owners are pressing ahead with plans to dismantle the packaging multinational built by Irish financier Paul…\n","protected":false},"author":2,"featured_media":659873,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[54625,72,13355,61,60,89646],"class_list":["post-659872","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-ardagh-group","tag-business","tag-food-production","tag-ie","tag-ireland","tag-paul-coulson"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/659872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=659872"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/659872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/659873"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=659872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=659872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=659872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}