Ardargh buys Impress for €1.7bn

By Helen Glaberson

- Last updated on GMT

Related tags Ardagh United states dollar

Ardagh Glass said the acquisition of Impress for €1.7bn is set to transform it into a major global packaging player with annual revenues of more than €3bn.

The enlarged business will trade as Ardagh Packaging Group and will operate with 81 facilities across 24 countries, employing 14,000 people.

Expansion outside Europe understands the Ireland-based company believes the deal should give it greater access to the food market industry and will increase the company’s sector diversification.

The takeover will allow Ardagh to enter the can manufacturing sector. Impress is the second largest supplier of heat processed food cans in Europe and Australasia and the largest supplier of seafood cans worldwide.

The deal also means that Ardagh will be able to expand outside of Europe to North American and Australasian markets where Impress has established itself as one of the main players in food packaging.

Ardagh chairman Paul Coulson said: This is a transformational deal for Ardagh providing us with global reach and scale. The acquisition of Impress will enable Ardagh to become a major force in world packaging."

In connection with the acquisition, Ardagh plans to offer approximately €1.7bn of secured and unsecured notes in Euros and US dollars. Citigroup Inc was Ardagh’s financial adviser for the deal.

Impress is a Dutch global metal packaging company with annual revenues of €1.8 bn. Operating in 57 facilities in 22 countries and employing 7,500 people, Impress Coöperative U.A. is the holding company for the Impress Group.

Ardagh Glass is currently the third largest glass packaging manufacturer in Europe with revenues of €1.2bn, operating 24 facilities in seven countries. It employs 6,500 people and provides glass packaging solutions to the food and beverage industry.

The acquisition is conditional on EU and US competition authority approvals.

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