OTPP-owned Exal to form Trivium Packaging with Ardagh

Ardagh Group has agreed to combine its food and specialty metal packaging unit with Exal Corp, a Youngstown, Ohio-based manufacturer of aluminum containers. The deal, expected to close in Q4 2019, will create a Netherlands-based metal packaging business called Trivium Packaging. It will operate 57 production facilities primarily in Europe and the Americas and serve a range of end markets. When the transaction is completed, Ardagh, a Luxembourg-based maker of packaging solutions, will hold 43 percent of Trivium and receive about US$2.5 billion in proceeds. Ontario Teachers' Pension Plan, which in 2010 led the acquisition of Exal, will hold a 57 percent stake.

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