Thursday 19 April 2018

'The Cooler' eyeing big payday

GLASS container manufacturer Ardagh's likely US flotation edges closer. The stock market foray will make for a big payday for executives including chairman Paul Coulson, aka 'The Cooler', (right), who controls 36pc of the group.

It's reckoned the company could be valued north of €3bn if it hits the markets. Ardagh is one of the world's biggest firms of its type and through a raft of acquisitions has expanded its footprint, both geographically and segmentally.

There seems to be recognition that with Ardagh, those who fall under its control are happy with the result.

The 'South Jersey Times' in the US reports this week that the Ardagh sign has gone up outside one glass manufacturing plant in Salem City that traces its roots back 150 years to the time of the American Civil War.

It's among the assets now owned by Ardagh through its acquisition last year of Anchor Glass.

"We haven't seen many changes from our standpoint," plant manager Gary Shears says of the takeover. "We were owned by financial people for several years, which worked fine, but these folks really know how to run a glass plant." He's not wrong, by the looks of things.

Irish Independent

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