Irish-owned packaging giant, Ardagh, has taken the first formal steps towards raising €2 billion in equity and debt by launching its metals division on the New York Stock Exchange later this year.
The group, which has its roots in the old Irish Glass Bottle Company, now produces tins and bottles for the likes of John West, Heineken and AB Inbev, owner of Budweiser.
Late last night Ardagh announced that Oressa, the new subsidiary formed to take over its metal can business, has filed documents with US regulator, the Securities and Exchange Commission indicating that it intends an initial public offering of its shares on the New York market.
It has yet to decide on the number of shares that it will offer for sale on the market or on the price range.
“Whilst there is no assurance of the size or ultimate success of any offering, Ardagh’s objective is to raise total proceeds of approximately €2 billion from equity and debt issuance by Oressa,” the group said.
Ardagh’s metals division supplies tins to the food and consumers products industry. It has 54 factories in 20 countries, serves 1,300 customers and employs 7,300 people.
The group, controlled by Irish businessman Paul Coulson, said in April it was considering floating the division. Some of the cash raised is likely to go towards paying off some of its €5.2 billion net liabilities.