Ardagh considers divestment of Metal Packaging business following recapitalization

Ardagh Holdings, Ardagh Group’s parent company, has announced preparations for the potential sale of “some or all of the equity interests” it holds in Ardagh Metal Packaging to a third-party buyer. 

The potential transaction may see Ardagh Holdings acquire the ordinary shares of Ardagh Metal Packaging not currently held by it to facilitate a sale of all equity interests in Ardagh Metal Packaging to a third-party buyer, the global packaging supplier adds. 

Ardagh Holdings has selected Evercore International Partners as its financial adviser and Kirkland & Ellis International as lead legal adviser. 

The board of directors behind Ardagh Holdings must approve any further steps in connection with the potential transaction, including terms, timing, selection of a counterparty, and ultimate consummation.

The company has not set a deadline or definitive timeline for the completion of the potential sale. “There can be no assurance that this process will result in any transaction or particular outcome,” it says.

“Ardagh Holdings does not intend to comment further unless and until its board of directors has approved a specific course of action or it has otherwise determined that further disclosure is appropriate or necessary.”

Luxembourg-based Ardagh Holdings has filed an amendment to its Schedule 13D statement with the US Securities and Exchange Commission concerning its interest in Ardagh Metal Packaging, which is listed on the New York Stock Exchange.

Second quarter 2026 results

In the second quarter of 2026, ending in June, Ardagh Group released an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$410 million, registering a +6% annual growth. For the twelve months prior to 30 June, 2026,, adjusted EBITDA was US$1,468 million, indicating a 12% annual growth, according to the results announcement. 

The company’s cash and available liquidity stood at US$1,441 million on June 30, 2026. 

Ardagh Group’s adjusted EBITDA increase versus the prior year was driven by growth of 14% (+13% at constant currency) in Ardagh Metal Packaging to US$240 million, partly offset by a decline of 4% (-8% at constant currency) in Ardagh Glass Packaging to US$170 million, the company outlines.

Mark Porto, executive chairman of Ardagh Group, comments: “Performance in Ardagh Metal Packaging was strongly ahead of expectations.” 

“Since our last update, the full-year outlook for Ardagh Metal Packaging has improved; however, we face additional pressure in the full-year outlook for Ardagh Glass Packaging, including increased input cost inflation arising from the Middle East conflict,” Porto adds.

During the period, Ardagh Metal Packaging’s global shipments decreased by 1% in comparison with the prior year quarter. “Shipments cycled strong prior year growth (+5%), due to a 6% decrease in the Americas — reflecting a 5% decline in North America and a 15% decline in Brazil — largely offset by a 5% increase in Europe,” according to the company. 

Meanwhile, Ardagh Glass Packaging’s global shipments grew by 3% in the quarter versus the prior year as a result of a 5% increase in Africa and Europe, also according to the company. This is said to reflect a 16% growth in Africa and 3% in Europe amid a 2% decline in North America.

“In response to the challenging environment for glass packaging, we recently launched our ‘Clearly Ardagh’ turnaround strategy, which is a major strategic initiative to transform Ardagh Glass Packaging,” continues Porto. 

“It is focused on better aligning our capacity to market demand, driving efficiency in our operations and across our business, strengthening our commercial partnerships, and reinforcing a high-performance culture throughout the organization. The actions taken as part of the ‘Clearly Ardagh’ initiative will ensure that Ardagh Glass Packaging is more resilient and better placed to reinforce its position as a key player in the dynamic global glass packaging industry.”

Earlier this year, the European Commission proposed the Industrial Accelerator Act to create jobs, increase production, and meet rising demand for low-carbon materials sourced in the EU, such as metals. However, producers of metal products told us that the act should do more to support the entire metal value chain if it is to meet its goals.

The US strengthened tariffs on imported steel, aluminum, and copper to “more effectively address the national-security threat posed by such imports.” Industry groups warned that the tariffs are raising the cost of packaging for US producers while benefiting foreign competitors.