Ardagh Group aims to double profits in beverage can business

Ardagh Group aims to double profits in beverage can business

Ardagh Group, the Irish glass and metal packaging group, recently announced that it plans to increase its medium-term investment plan by 17% to $2.1 billion (€1.7 billion) with the aim of doubling profits in its can business over the next four years.

Paul Coulson, who heads the Irish group, also said that it considers among its objectives to separate the divisions of glass containers and beverage cans.

This was announced after the company reported that metal can companies are attracting higher valuations.

Coulson revealed last October that Ardagh planned to invest a record $1.8 billion between 2021 and 2024 in projects aimed at tapping into an expanding international market for canned energy drinks, flavored beverages and craft beer, as well as a continued shift away from plastic packaging.

“We remain focused on growth and have increased our business growth investment program to $2.1 billion due to additional beverage can opportunities. These highly accretive investments underpin accelerated growth, including a projected doubling of adjusted Ebitda financial metrics in metal beverage containers by 2024.”