Ardagh Group has announced that it has entered into an agreement to combine its Food & Specialty Metal Packaging business with Exal Corporation, a leading producer of aluminium containers, to form ‘Trivium Packaging’.
The move will create one of the largest metal packaging companies in the world. Headquartered in the Netherlands, Trivium will operate 57 production facilities, principally across Europe and the Americas, employing approximately 7,800 people.
Projected revenues and Adjusted EBITDA in the twelve months ended March 31, 2019 were $2.7 billion and $469 million respectively.
The combination of the two businesses aims to combine Food & Specialty’s leading presence in Europe and North America, principally focused on tin-plate steel packaging, with Exal’s leadership in aluminium aerosol packaging in the Americas.
Paul Coulson, currently chairman and CEO of Ardagh, will be chairman of Trivium. Michael Mapes, currently CEO of Exal, will be CEO and will lead an experienced team drawn from across both businesses. Upon completion of the transaction, Ardagh will hold a 43 per cent stake in Trivium, with 57 per cent controlled by Ontario Teachers’. Ardagh will also receive approximately $2.5 billion in cash proceeds.
Completion of the transaction is subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and confirmation of the participation of certain Ardagh European entities in the transaction, which remains subject to works councils’ consultation. Completion is also subject to closing of the debt financing expected to be announced by Trivium later today. The transaction is expected to close in the fourth quarter of 2019.
By Bryony Andrews
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?