Anchor Glass Sold To European Manufacturer
(Greendale, Ind.) – Anchor Glass Container Corporation, with eight nationwide factories including Greendale, has been sold.
Ardagh Group SA, a Luxembourg-based global glass and rigid packaging manufacturer, agreed to acquire the company Tuesday for $880 million from Wayzata Investment Partners LLC. The deal is subject to U.S. regulatory approval and is expected to close in August.
“The transaction is an important milestone in the evolution of Ardagh, as it will add scale and value to our global packaging franchise,” said Ardagh chairman Paul Coulson in a statement.
The sale will reportedly increase the size of Ardagh’s glass business by almost 50 percent.
“The acquisition of Anchor by Ardagh represents a great day for our company,” said Eugene Davis, chairman of Anchor Glass’ board of directors. “Operating as part of Ardagh will allow Anchor to accelerate its growth plans and offer a global capability to our customers. Wayzata Investment Partners led Anchor through its restructuring, turnaround and a period of record earnings growth, but the majority of the credit goes to the outstanding team at Anchor.”
Wayzata had purchased and restructured Anchor Glass in 2006 when the company was in bankruptcy. The company has gone through three bankruptcies since 2006.
Anchor, which is headquartered in Tampa, Florida, manufactures glass containers for beer, liquor, wine, various other beverages, and food serving North America. It produces approximately 5.6 billion containers annually from its eight U.S. facilities and employs approximately 2,700 people