The maker of cans for White Claw strikes an $8.5 billion spinoff deal. [The New York Times]
Ardagh Group S.A. Common Shares (ARD)
Last ardagh group s.a. common shares earnings: 4/23 07:00 am
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Source: The New York Times
The company that makes the aluminum cans used by LaCroix, White Claw and other beverage giants is spinning off that business in a deal that values the new company at $8.5 billion, according to several people with knowledge of the plan.The deal by Ardagh Group, which is based in Luxembourg,It is a bet on the continued growth of the can business, as companies increasingly weigh the environmental consequences of their products. Nestléannounced the salerecycle than plastic bottles.The Gores SPAC, named Gores Holdings V, is the seventh such deal the group has done.Ardagh will retain a roughly 80 percent stake in the company after the deal. InvestorsArdagh generates more half its roughly $7 billion in annual sales from making cans for beverage companies. This past year, sales by the unit grew 2 percent, fueled by beverage sales and environmental awareness, while earnings before interest tax depreciation and amortization grew 8 percent. Ardagh will keep its glass packaging business.For bever
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