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Packaging And Design

Ardagh Confirm IPO Planned For 2015

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Ardagh Confirm IPO Planned For 2015

Packaging behemoth Ardagh has confirmed that its long-planned stock market floatation will come in 2015.

Headed by Dublin financier Paul Coulson, the Irish-backed multinational, which supplies bottles to companies such as Coca-Cola, Budweiser and Heineken, cancelled plans to float on Wall Street in 2011, citing market volatility. 

Releasing first-quarter results yesterday, the company said the listing, or initial public offering (IPO), is likely to happen in the second half of 2015.

"The group has completed a review of the options open to it regarding equity funding and has concluded that, although private equity funding is available to the group, it is in its best interest to proceed exclusively with its plans for an IPO in the second half of 2015," it said.

In march it was reported in the Irish media that Ardagh was raising €365 million in pre-IPO funding head of the planned flotation in the US.

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The group said its revenue in the first three months of the year edged 1% higher to €968 million year-on-year, while EBITDA rose 9% to €155 million in the period.

Ardagh, which is one of the biggest glass container makers in the world, said the economic backdrop in its main markets was little changed from the latter half of 2013, with expansion in the US economy disrupted by a tough winter.

"European economies generally saw continued stabilisation and modest progress, though consumer behaviour remained subdued," it added.

© 2014 - European Supermarket Magazine by Enda Dowling

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