Luxembourg-based Glass Company Ardagh Group Acquires Consol Glass For R10.1 Billion
Luxembourg-based Glass Company Ardagh Group Acquires Consol Glass For R10.1 Billion. South African glass company Consol Glass has announced that it has been acquired by Luxembourg-based Ardagh Group for R10.1 billion.
The Ardagh Group intends to acquire 100% of the ordinary shares of Consol Holdings for an equity value of R10.1bn, which includes the company’s operations in South Africa, Nigeria, Kenya and Ethiopia. Completion of the acquisition is subject to certain conditions, including regulatory approvals. Once the transaction is approved, it will be an excellent strategic fit for Consol that enables continued growth on the African continent by leveraging off Ardagh’s proven glassmaking capabilities, technical expertise and international customer and supplier base.
This acquisition means that Ardagh sees a lot of growth potential in Consol Glass’ future. Ardagh Group made this acquisition as an investment for the future. When a company is bought, there are a lot of things that need to be done before the deal is finalised and with how big these companies are, it is going to take a while before the whole deal is approved, Consol Glass in a statement said that it expects the deal to be complete on the second quarter of 2022. Consol Holdings is the holding company for Consol Glass South Africa, Kenya, Nigeria and Juniper Glass in Ethiopia and has been producing glass packaging for over 75 years. Consol is the leading glass packaging manufacturer in sub-Saharan Africa by manufacturing capacity.
With 20 glass production facilities in Europe and 14 in the United States, the Ardagh Group is among the top three glass packaging producers in the world and will now expand its global footprint onto the African continent. Including its metals packaging business, Ardagh’s operating footprint includes 57 facilities in 12 countries, employing 16 000+ people, with annual sales of approximately $7bn.
