Ardagh Metal Packaging SA (AMP), a leading supplier of sustainable and infinitely recyclable beverage cans and Gores Holdings V, Inc. (Gores Holdings V) (NASDAQ: GRSV, GRSVU and GRSVW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, recently announced the completion of its previously announced business combination. The combined company will be called Ardagh Metal Packaging SA and will commence trading on the New York Stock Exchange on August 5, 2021 under the new ticker symbol “AMBP”. The business combination was approved at a special meeting of Gores Holdings V shareholders on August 3, 2021.
AMP is a leader in the Americas and Europe and is the second largest beverage can producer in Europe and the third largest in the Americas. It is the only publicly traded beverage can scale company and has noted in a press release that there is “a tipping point” in the demand for beverage cans, a demand that has been increasing because we are becoming more environmentally conscious consumers. There are huge growth opportunities “that AMP is well positioned to capitalize on”.
“We are delighted to have completed our combination with Gores Holdings V. Over the past five years, our business has grown its position as one of the world’s leading beverage can producers, thanks to our agility and foresight to take advantage of emerging market and consumer trends” stated Oliver Graham, CEO of AMP. “AMP’s accelerated growth strategy is timely and deepens our connection with our customers and end consumers as demand for sustainable beverage cans continues to grow.
For his part, Mark Stone, senior managing director of The Gores Group and CEO of Gores Holdings, noted that AMP’s “relentless focus on product innovation and meeting customer needs has driven its rapid success to date, uniquely positioning it as one of the industry’s only scaled companies.”
AMP operates 23 production facilities in nine countries, employs nearly 5,000 employees and had sales of approximately $3.5 billion in 2020.
