Ardagh buys €85m container firm
Glass manufacturer Ardagh has agreed to pay €85m to acquire a European aluminium container business from US-based Exal Corporation.
Ardagh is buying Exal's Boxal group of companies, which are primarily based in France and the Netherlands. The deal significantly extends Ardagh's presence in the aluminium container segment.
Boxal's clients include consumer firms such as Coca-Cola, Heineken, Unilever's Dove, Procter & Gamble's Pantene, L'Oreal and Beiersdorf's Nivea.
Ardagh Group chief executive Niall Wall said the acquisition of Boxal would help the company further diversify into the aluminium can market, enhance its product offering and add value to its current activities. Ardagh is already one of Europe's biggest manufacturers of glass containers.
Boxal was originally acquired by Exal in 2004 from Alcan Packaging, as part of the latter's move to acquire France-based Pechiney.
The acquisition of Boxal more than doubled Exal's annual revenues. Exal's current annual revenues total around $500m.
In March last year, Ardagh acquired an Italian metal packaging group, Finanziaria di Partecipazioni Industriali, in a deal with an enterprise value of about €125m.
In 2010, Ardagh finalised the €1.7bn acquisition of packaging firm Impress from private equity firm Doughty Hanson.
Last year, Ardagh pulled the plug on a planned US flotation due to market turmoil.