Ontario Teachers' Pension Plan has agreed to sell its majority holding in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners in a deal valuing Trivium at approximately USD 3.4bn. The deal triggers the sale of Ardagh Group's stake of about 42%, from which Ardagh expects about USD 90m in net cash proceeds for reinvestment or debt reduction. Separately, a Luxembourg court lifted an injunction that had blocked Ardagh Holdings from selling shares in Ardagh Metal Packaging, and Ardagh has resumed work with advisers on a possible sale of AMP.
Why this mattersSilgan, with AIP, takes over a major metal packaging competitor, while Ardagh, at 6.0x net leverage, gains about USD 90m and reopens a possible sale of Ardagh Metal Packaging.
- Ontario Teachers' Pension Plan agreed to sell its majority stake in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners.
- The transaction values Trivium at approximately USD 3.4bn.
- Ardagh Group agreed to sell its entire stake of approximately 42% in Trivium and expects about USD 90m in net cash proceeds.
- A Luxembourg district court summary judge lifted an injunction that had prevented Ardagh Holdings from selling shares in Ardagh Metal Packaging; Ardagh has resumed sale preparations with advisers.
- Ardagh Glass Packaging has proposed decommissioning one furnace at Holmegaard, Denmark, and one at Knottingley, UK.
- Group Q3 2026 revenue rose 11.2% to USD 2.78bn and adjusted EBITDA was USD 392m; net debt to adjusted EBITDA fell to 6.0x from 7.8x.
- Ardagh Metal Packaging nine-month 2026 adjusted EBITDA rose year on year
- Third-quarter adjusted EBITDA at Ardagh Metal Packaging was nearly flat versus the prior period
- Ardagh Metal Packaging continued to report net losses with debt levels remaining high
Ardagh Metal Packaging is accelerating and enlarging its European growth investment plan by building two new beverage can lines at existing plants in the UK and Spain, citing resilient demand after European shipments rose 6% in the third quarter. Q3 Adjusted EBITDA of USD 213m beat the USD 200-210m guidance range, and the company raised its full-year 2026 Adjusted EBITDA guidance to USD 785-795m. It kept its regular quarterly dividend of USD 0.10 per ordinary share.
Why this mattersTwo new can lines in the UK and Spain add European beverage-can capacity while Ardagh Metal Packaging's leverage stays above 5x Adjusted EBITDA.
- Two new can lines to be built at existing UK and Spain facilities under an accelerated and enlarged European investment plan
- Full-year 2026 Adjusted EBITDA guidance raised to USD 785-795m; Q4 guidance USD 153-163m against USD 166m a year earlier
- Q3 2026 Adjusted EBITDA rose 2% to USD 213m, above guidance of USD 200-210m
- Q3 can shipments rose 6% in Europe and fell 1% in the Americas; Europe Adjusted EBITDA rose 11% to USD 91m
- Net debt to Adjusted EBITDA was 5.1x at 30 September 2026, with total liquidity of USD 736m
- Regular quarterly ordinary dividend of USD 0.10 per share announced
Silgan Holdings is to combine its Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium Packaging, currently owned by Ontario Teachers' Pension Plan and Ardagh Group, to form Silgan Metal Containers and Closures. The all-cash deal values Trivium at USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA (4.8x including expected synergies), and Silgan's contributed units at USD 3.8bn, 8.1x LTM adjusted EBITDA. Silgan will hold 60% and American Industrial Partners 40%, with the Trivium acquisition expected to close in mid-2027.
Why this mattersThe deal creates a larger metal containers and closures group across North America and Europe, while USD 2.3bn of cash proceeds lets Silgan retire debt.
- Trivium valued at about USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA, or 4.8x including USD 225m of expected synergies.
- Silgan's contributed Metal Containers segment and Food and Beverage Flat Cap Closures businesses valued at USD 3.8bn, 8.1x LTM adjusted EBITDA.
- Silgan receives about USD 2.3bn in cash proceeds to retire existing debt and keeps a 60% controlling stake in Silgan Metal Containers and Closures.
- American Industrial Partners holds the remaining 40% and contributes about USD 1.0bn of cash equity.
- Trivium, owned by Ontario Teachers' Pension Plan and Ardagh Group, has 57 locations, 7,200 employees and about USD 3bn of 2025 sales.
- The Trivium acquisition is expected to close in mid-2027.
- The combined venture is named Silgan MCC, with Europe accounting for 36% of its sales.
- Silgan MCC pro forma net sales are USD 9.8bn and EBITDA USD 1.5bn, with leverage of about 4.4x at closing.
- Fitch has affirmed Silgan Holdings' Long-Term Issuer Default Rating at 'BB+' with Stable Outlook, and secured debt at 'BBB-', following the transaction.
A Luxembourg summary judge on 15 October 2026 withdrew an order, imposed in mid-September, that had blocked Ardagh Holdings from selling all or part of its 76% stake in Ardagh Metal Packaging. Ardagh Holdings can now resume work with its advisers on a possible sale, first announced on 13 August 2026, of a business valued at about EUR 2.74bn (USD 3.08bn). AMP runs 23 beverage can plants in nine countries and had 2025 sales of USD 5.5bn.
Why this mattersA sale of the controlling 76% stake could change who owns a leading beverage-can supplier across Europe and the Americas.
- A Luxembourg summary judge on 15 October 2026 withdrew an order that had blocked Ardagh Holdings from selling all or part of its interests in Ardagh Metal Packaging.
- The court had halted the sale process in mid-September 2026.
- Ardagh Holdings owns 76% of AMP and first announced plans for a possible sale on 13 August 2026.
- The metal packaging business has been valued at about EUR 2.74bn (USD 3.08bn).
- AMP operates 23 production facilities in nine countries, employs about 6,500 people and had 2025 sales of USD 5.5bn.
- AMP shares rose 2.5% in early trading on 15 October 2026.
Ardagh Metal Packaging has supplied a 250 mL aluminium can developed specifically for wine to carry Royal Swinkels' new alcohol-free wine brand BarLoca, launching in the Netherlands, Belgium and Germany. Ardagh says it is the only can maker in Europe producing cans tailored to the wine category, with a semi-matt design and interior lining meant to protect flavour.
Why this mattersA brewer putting alcohol-free wine in a dedicated can extends can demand beyond beer and sets aluminium against glass in the no- and low-alcohol category.
- Ardagh Metal Packaging supplied a 250 mL aluminium can for BarLoca, launching in the Netherlands, Belgium and Germany.
- BarLoca is a 0.0% alcohol wine made from Southern Italian wine, de-alcoholised at Royal Swinkels' brewery in Lieshout, Netherlands.
- The can comes in Bianco and Rosso variants with a semi-matt finish, a light- and air-blocking design and an interior lining.
- Ardagh states it is the only can maker in Europe producing cans specifically for the wine sector.
BV Glas, the German glass industry association, says weaker demand has forced container glass producers to cut capacity, and warns that a shut furnace cannot be restarted at short notice, so the capacity is lost over the longer term. Ardagh, BA Glass and Verallia have each closed German production facilities, with the European Glass Container Federation citing high energy and carbon costs, overcapacity and weak demand. The association is urging German and EU policymakers to secure competitive industrial energy prices and carbon-leakage protection to prevent further closures.
Why this mattersPermanent furnace closures reduce Europe's domestic glass packaging capacity, tightening supply options for food and beverage brands reliant on local sourcing.
- German container glass sales volumes fell 3.4% year on year to about 929,000 metric tons in Q1 2026
- Beverage bottle sales within that fell 5% in Q1 2026
- German container glass market grew 2.2% to about 3.87 million metric tons in 2025 after declines in 2023 and 2024
- Ardagh, BA Glass and Verallia have recently closed German production facilities
- BV Glas says glass furnaces cannot be restarted at short notice once shut down, causing long-term capacity loss
- BV Glas is calling for competitive industrial energy prices and EU carbon-leakage protection to prevent further closures
Fitch Ratings has assigned Guala Closures S.p.A. a first-time long-term issuer default rating of B+ with a Stable Outlook. The agency points to the group's leadership in closures and EBITDA margins above 20%, but flags leverage still elevated after recent acquisitions and capacity investment. Fitch expects strong free cash flow to support gradual deleveraging.
Why this mattersA first-time credit rating gives Guala Closures a benchmark for debt pricing as it works through leverage built up from acquisitions and capacity spending.
- Fitch assigned Guala Closures S.p.A. a B+ long-term issuer default rating with a Stable Outlook
- Fitch cites Guala's global leadership in closures and EBITDA margins above 20%
- Fitch says leverage remains high after recent acquisitions and capacity investments
- Fitch expects strong free cash flow to drive gradual deleveraging
- Fitch assigned an expected B(EXP) rating with RR4 recovery on Guala's planned senior secured debt on 22 September 2026, ahead of a refinancing
- Fitch-defined EBITDA leverage estimated at 5.8x at end-2026, expected to fall below 5.5x during 2028
- Estimated senior debt claims of EUR 1,195m, comprising EUR 1,000m senior secured notes and a EUR 175m super senior secured revolving credit facility
- Guala's 2025 EBITDA margin of 19 percent is cited by Fitch as above peers CANPACK (11 percent) and Ardagh Metal Packaging (11 percent)
Platinum Equity is in advanced talks to acquire Dutch metal packaging maker Trivium Packaging for USD 3.5 billion from current owners Ontario Teachers' Pension Plan Board and Ardagh Group S.A. The private equity firm has emerged ahead of other bidders, including Sonoco, which dropped out after its USD 3.9 billion purchase of Eviosys in June 2024. A final agreement is expected within weeks, though talks are not guaranteed to conclude.
Why this mattersA USD 3.5bn buyout would reshape ownership of a top-tier metal packaging supplier and signal renewed private-equity appetite for large sector assets.
- Platinum Equity is negotiating to acquire Trivium Packaging for USD 3.5 billion.
- Sellers are Ontario Teachers' Pension Plan Board and Ardagh Group S.A.
- Deal expected to close within coming weeks, pending final agreement.
- Trivium reported annual revenue of USD 3.1 billion and employs 7,500 people across 60 sites.
- Trivium was formed in 2019 from the merger of Exal Corp. and Ardagh's food and speciality packaging business.
- Sonoco had earlier been a bidder but withdrew after buying Eviosys for USD 3.9 billion in June 2024.
A Luxembourg district court summary judge has issued an order prohibiting Ardagh Holdings S.A. from proceeding with the sale of all or part of its interests in Ardagh Metal Packaging S.A. The order followed an ex parte application by minority holders of ARD Finance S.A.'s senior secured toggle notes due 2027. Ardagh Holdings says the application is without merit and has applied to have the order withdrawn.
Why this mattersThe injunction halts a planned sale of Ardagh's listed can-making arm, leaving bondholder claims to determine whether the transaction can proceed.
- A summary judge of the district court of Luxembourg ordered Ardagh Holdings S.A. not to proceed for now with the sale of all or part of its interests in Ardagh Metal Packaging S.A.
- The order followed a unilateral (ex parte) application by certain minority holders of the senior secured toggle notes due 2027 issued by ARD Finance S.A.
- ARD Finance S.A. was a parent of Ardagh Group S.A. before the recapitalisation completed in November 2025.
- The order was made without Ardagh Holdings having had the opportunity to present its position.
- Ardagh Holdings says the application is without merit and has applied for the order to be withdrawn, in a statement issued on 16 September 2026.
- Ardagh Metal Packaging had sales of USD 5.5bn in 2025 and runs 23 production facilities in nine countries with about 6,500 employees.
- Ardagh Holdings had earlier in 2026 announced preparations to acquire all shares in Ardagh Metal Packaging to facilitate a sale to a third-party buyer
- Ardagh Group as a whole operates 58 metal and glass plants in 16 countries with about 20,000 employees and estimated 2025 sales of USD 9.6 billion
- The order followed an ex parte application by minority holders of ARD Finance's 2027 senior secured toggle notes
- Ardagh Holdings' board had instructed advisers in August 2026 to prepare for a possible sale of all or part of Ardagh Metal Packaging
- Ardagh Metal Packaging reported Q2 2026 revenue of USD 1.71bn, up 17.7 percent year on year
- EPS of USD 0.11 beat consensus of USD 0.09 and the year-earlier USD 0.08
- Ardagh Metal Packaging paid a quarterly dividend of USD 0.10 per share on 24 September 2026
Ardagh Glass is closing its Germersheim plant in Germany, having told customers in April 2026 that the site would shut because of persistently weak demand and overcapacity in European glass production. A local social media post cited by Die Rheinpfalz said the last bottle was produced at about 4am on 15 September 2026, ending 55 years of output; Ardagh said operations at the site are proceeding as planned and declined to comment on details. About 260 employees are affected, with departures staggered through to the end of 2027.
Why this mattersThe closure removes another German glass site from Ardagh's network and underlines sustained overcapacity across European container glass production.
- Ardagh notified customers in April 2026 that the Germersheim plant would close, citing weak demand and overcapacity in glass production.
- About 260 employees are affected, with departures staggered through to the end of 2027.
- A local social media post cited by Die Rheinpfalz said the last bottle was made at about 4am on 15 September 2026, after 55 years of production from 1971.
- Ardagh said operations at Germersheim are proceeding as planned and declined to comment on details.
- Germersheim produced up to 2 million bottles a year, mainly wine and sparkling wine bottles.
- Ardagh Glass Packaging cut about 320 jobs in Germany and the Netherlands in 2025, closing the Drebkau plant and two of six Germersheim lines.
