Ardagh ties up €1.7bn Impress deal
ARDAGH Glass, the manufacturing group controlled by Dublin financier Paul Coulson, has completed the acquisition of packaging firm Impress for €1.7bn.
The combined entity, which will be known as Ardagh Group, will have annual revenues of more than €3bn and employ 14,000 people in 24 countries. The acquisition more than doubles Ardagh's existing turnover.
Ardagh bought Impress, which makes containers such as metal cans, from private equity group Doughty Hanson, which also owns TV3. Among Impress's clients are John West and Del Monte.
Ardagh Glass is the third-biggest glass container manufacturer in Europe, with a 16pc share of the total European glass container production by volume last year, when it manufactured more than 11 billion containers, the majority for the food and beverage industries.
Beer bottles accounted for about one-third of Ardagh's total revenue last year, with customers including Heineken and Budweiser owner AB Inbev. Its top 10 customers accounted for 41pc of revenue last year.
It also manufactures a small volume of containers for the pharmaceutical industry.