Ardagh wraps up $1bn acquisition of glass packaging producer Consol Glass
Ardagh Group, a Luxembourg-based glass and metal products manufacturer, has wrapped up the previously announced $1 billion acquisition of Consol Holdings Proprietary Limited (Consol Glass).
Based in South Africa, Consol Glass is a glass packaging producer.
The consideration includes the net debt of around $365 million of the South African firm. The deal was announced in November 2021.
According to Ardagh Group, the acquisition represents a substantial inward investment into the South African and other markets in which Consol Glass operates. Ardagh Group is set to invest an additional ZAR 3 billion ($200 million) in a couple of new furnaces.
Ardagh wraps up $1bn acquisition of glass packaging producer Consol Glass. Photo courtesy of Gerd Fahrenhorst/Wikipedia.org.
Established in 1944, Consol Glass operates four glass production facilities in South Africa. Besides, the glass packaging producer has smaller production facilities in Kenya, Ethiopia, and Nigeria.
Consol Glass caters to a variety of international, regional, and domestic customers, mainly engaged in the beer, spirits, wine, food and non-alcoholic beverage sectors.
Having snapped up the South African glass packaging company, Ardagh Group will take its production facilities to 65 in 16 countries across four continents.
Commenting on Ardagh acquisition of Consol Glass, Paul Coulson — Chairman and CEO of Ardagh Group, said: “We are delighted to have completed this strategic acquisition. By combining Ardagh’s global reach with Consol’s know-how on the African continent, we are very well-positioned to partner with our customers to meet the growing consumer demand in Africa for premium, sustainable glass packaging.”