Ardagh Group has said it now pursuing the acquisition of just one company – after announcing earlier this year it was in active negotiations for two businesses.
The glass and metal packaging giant has dropped its bid for one of its target but remained in talks for the other, a company source told FoodProductionDaily.com today.
No public announcement would be made until any deal was signed, he added.
Privately-owned Ardagh also said that full year EBITDA (earnings before interest, tax, depreciation and amortisation) climbed to €553.4m (US$732m) in 2011 from €269.1m in the previous year. The firm posted a €8.8m profit last year compared to a €66.5m loss in the previous 12 months.
The leap in profits was due mainly to the takeover of the metal-packaging outfit Impress, which Ardagh bought for €1.7bn in January last year.