Irish-based metal and glass packager, Ardagh Group, has announced that it has entered into an agreement with Exal Corporation to form a new metal packaging company, Trivium Packaging.
The agreement will combine Ardagh’s Food & Specialty Metal Packaging business with Exal’s aluminium production business.
Trivium will be headquartered in the Netherlands and will operate 57 production facilities, mainly across Europe and the Americas, employing approximately 7,800 people.
The company’s pro forma revenues for the twelve months ending 31 March 2019 were $2.7 billion, Ardagh revealed.
Ardagh said that the company will serve ‘a diverse range of leading multinational, regional and local customers operating in a wide array of end markets, including food, seafood, pet food, nutrition, beauty and personal care, household care and premium beverages’.
The glassmaker will receive, upon completion of the transaction, a 43% stake in Trivium, with 57% controlled by Ontario Teachers.
Jane Rowe, executive managing director, Equities, Ontario Teachers’ added that union of the two groups will create a global packaging leader “that is well-positioned to capitalise on current market trends”
“We are pleased to establish a partnership with Ardagh and believe our alignment on long-term value creation will be a critical driver for the future success of the enterprise,” Rowe said.
Paul Coulson, chairman and CEO of Ardagh, will be the chairman of Trivium, while Michael Mapes, CEO of Exal, will act as its CEO.
“Ardagh is delighted to partner with Ontario Teachers’ as shareholders in Trivium, a combination of two highly complementary and well-invested businesses,” Coulson said.
“Trivium has the products, customers, innovation capabilities and leadership team to deliver continued growth and success, as brand owners and consumers increasingly seek sustainable packaging solutions.”
Mapes added that he is honoured to lead a company “which combines two great organisations with a history of customer service and innovation derived from exceptional people and long-term customer relationships”.
“Trivium establishes a focused global leader at a time when metal packaging is poised to provide a compelling solution to help address the sustainability concerns facing consumers, brand owners, and governments,” he said.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.