Ardagh Group has announced that it has entered into an agreement to combine its food and specialty metal packaging business with Exal Corporation to form a new business, Trivium Packaging.
Through this deal, Ardagh will combine its expertise in tin-plate steel packaging in Europe and North America with Exal's leadership in aluminium aerosol packaging in the Americas, it said.
The new business is set to become the largest metal packaging company in the world, Ardagh added.
Extensive And Sustainable
The company will be based in the Netherlands and will operate 57 production facilities, mostly across Europe and the Americas.
It will employ around 7,800 people and serve a wide range of multinational, regional and local clients catering to various segments, including food, seafood, pet food, nutrition, beauty, and personal care, household care, and premium beverages.
Management
Chairman and CEO of Ardagh Group, Paul Coulson, will take up the role of the chairman of Trivium.
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."
Meanwhile, Exal chief executive Michael Mapes will serve as the CEO of the business.
Commenting on his new role, Mapes, said, "I am honoured to lead Trivium, which combines two great organisations with a history of customer service and innovation derived from exceptional people and long-term customer relationships."
Ardagh will hold a 43% stake in Trivium and receive approximately $2.5 billion (€2.2 billion) in cash proceeds upon completion of the transaction, which is subject to customary closing conditions.
The Ontario Teachers Pension Plan Board, which controls Exal, will hold the remaining 57% stake.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
