02 May 2022 Ardagh Group wraps up acquisition of Consol
Luxembourg-based metal and glass packaging firm Ardagh Group has wrapped up the acquisition of South African glass packaging producer Consol Holdings.
The acquisition, announced in November last year, represents an inward investment into the South African and other markets in which Consol operates, with an additional R3bn ($200m) investment programme in two new furnaces, said Ardagh.
Established in 1944, Consol operates four glass manufacturing plants. The firm also operates smaller production facilities in Kenya, Nigeria and Ethiopia.
Consol caters to a wide range of customers, especially in the beer, wine, spirits, food and non-alcoholic beverage sectors.
With the acquisition of Consol, Ardagh will operate 65 manufacturing plants in 16 nations, on four continents. It employs about 20,000 people and has annual sales nearing $10bn.
Ardagh chairman and CEO Paul Coulson said: “We are delighted to have completed this strategic acquisition. By combining Ardagh’s global reach with Consol’s know-how on the African continent, we are very well-positioned to partner with our customers to meet the growing consumer demand in Africa for premium, sustainable glass packaging.”
Ardagh said its acquisition of Consol will allow further opportunities for future investment in the African glass manufacturing space.
New furnace and jobs
To this end, the Luxembourg-based firm is committed to a third furnace investment at its Nigel facility in Gauteng that will add to the existing N2 expansion project scheduled to commence operations this month.
The combined investments worth $200m will create over 250 direct jobs.
With the completion of the acquisition, Mike Arnold stepped down as CEO of the business after serving in that role for two decades.
Arnold will become a director of Ardagh Glass Packaging Holdings and will be part of the Ardagh executive team responsible for expanding Ardagh’s presence in Africa.
Paul Curnow, previously CEO designate, has succeeded Mike Arnold as CEO. He will also become a director of Ardagh Glass Packaging Holdings.
Furthermore, Consol’s former chairman Bruce MacRobert has become chairman of Ardagh Glass Packaging Holdings Africa.
Source: Ardagh Group, Consol