Ireland-based Ardagh has said that it intends to demerge its Glass Container Businesses into a new entity - Ardagh Glass Limited - a move aimed at providing greater opportunities for future acquisitions.
Subject to approval from the Irish high courts, Ardagh Glass Limited, a private limited company, will comprise: Rockware Glass in the UK, Heye Glas in Germany, Abruzzo Glass in Italy and Heye International.
Eddie Kilty will be the chief executive of the proposed de-merged Group and David Currie has been appointed managing director of Rockware Glass Limited.
Whilst there will be synergies between the Companies that will benefit the Glass Group overall, the Group says that the three major benefits resulting from the demerger will include greater value to shareholders, greater speed for future acquisitions and greater protection against competitors.
Under the new arrangement the company says that it is committed to a strategy of growth as the glass industry consolidates and is now in an excellent position to react quickly and positively as opportunities arise.