Exal Corporation has agreed to sell its filling business, Exal Packaging, to the Queruclor Group, an Argentinian manufacturer and supplier of personal and home care products. The sale was completed on 7 August for an undisclosed sum, and signifies a focus on its core business and recent merger announcement.
The transaction has been brokered with the aim of focusing Exal’s resources on its existing can making facilities in North and South America. Significantly, it will also allow the world-leading producer of aluminium containers to concentrate on its new joint venture with the Ardagh Group, Trivium Packaging.
Trivium Packaging, the result of a merger agreement between Exal and Ardagh Group’s Food & Specialty Metal Packaging business, will be one of the largest metal packaging companies in the world. Headquartered in the Netherlands, Trivium will operate 57 production facilities, principally across Europe and the Americas, employing approximately 7,800 people.
Exal’s parent, the Ontario Teachers’ Pension Plan will control a 57% stake in Trivium. Completion of the Trivium transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2019. Projected revenues and Adjusted EBITDA in the twelve months ended March 31, 2019 were $2.7 billion and $469 million respectively.
Michael Mapes, CEO, Exal Corporation, commented: “In light of our recent merger announcement, the sale of Exal Packaging, Exal’s only filling business, makes perfect sense as it will allow Trivium to focus on its core metal packaging business. We are pleased to sell the business to Queruclor, a company with a solid reputation in Argentina.”
© FoodBev Media Ltd 2020