Ardagh to float on US stock exchange
Cash raised from the initial public offering (IPO) in the could be used to fund acquisitions, to pay off debt, or for capital expenditure, as well as other “general corporate purposes”, said the firm.
The Irish bottle and can manufacturer said it will make a submission to the US Securities and Exchange Commission later this week. The registration statement will relate to an initial public offering (IPO) offering common shares and listing in the US.
“The offering is expected to be completed as early as the third quarter, subject to regulatory clearance and market conditions,” said the firm in a statement.
The company, which has global sales exceeding €3bn, added that the number of shares to be offered and the amount proposed to be raised in the IPO have not yet been determined.
The submission will initially be made on a confidential basis – as is customary for foreign private issuers, Ardagh said.
Expansion strategy
The announcement yesterday is the latest in a string of moves by Ardagh to expand. In December, it completed a €1.7bn takeover of can maker Impress.
Niall Wall, CEO at the company, said the acquisition would give it a wider global reach and a presence in new markets such as South America, Australasia and China.
According to the CEO, Ardagh has always been a company focused on expansion, growing 70 times in size since 1998 and five times in size since 2006.
“This acquisition doesn’t mark the end of the process, it is simply a continuing step in that path,” he said.
And in a separate deal, Ardagh Group bought up Italian can manufacturer Fi Par in March. Fi Par (Finanziaria di Partecipazioni Industriali) employed 440 people as part of its food can and aerosol operations in Italy and Greece. In 2010 it posted sales of around €150m.
