Ardagh’s beverage can acquisition boosts revenue
Following its acquisition of a beverage can manufacturing business in April 2016, the Ardagh Group has announced that its revenue rose by 58% to €2.02bn last year.
The $3.42bn acquisition was facilitated by Ball Corporation and Rexam. As part of the contractual terms, Ardagh acquired assets in Europe, the US and South America.
Excluding the acquisition, organic revenue increased by just 1% during the period, while the adjusted EBITDA figure rose by 6%.
Ardagh’s European metal packaging division saw a 97% increase in revenue (€786m) in the three months to the end of June. The US unit recorded a total revenue of €434m in the same period and adjusted EBITDA of €68m.
Net debt dropped by €0.4bn to €6.96bn at the end of June.
At Ardagh’s European glass packaging unit, revenue declined by 1% to €366m, however adjusted EBITDA rose 1% to €80m.