Verallia North America (VNA) looks set to be sold to Ardagh Group for around US$ 1,694BN (1,275BN/Euros). VNA's owner, Saint-Gobain has been in negotiations with teh Ardagh Group following the latter's offer to acquire VNA. The transaction values VNA at 6.5 times 2012 earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$ 261M. VNA is the second largest glass container manufacturer in the USA, behind O-I. The company has 13 plants across the country and employs over 4400 people. It has its headquarters in Muncie, Indiana and serves the North American wine, food and beverage industries. It produces in total around 9 BN containers/pa and revenues of US$ 1.6BN/pa. Pierre-Andre de Chalendar, Chairman & CEO of Saint-Gobain said: "The offer is a new milestone in Saint-Gobain's strategic refocusing on the habitat sector. It puts a high value on our N American container business, above the multiples contemplated at the time of the planned IPO in 2011, while providing it with promising scope for industrial development. If the deal is completed, the sale proceeds will be used mainly to strengthen the group's balance sheet, while pursuing its acquisition policy focused on small or medium sized targets." Paul Coulson, Ardagh Group Chairman, said the acqusition would increase the size of its glass business globally by almost 60% and be a step in developing its operations in the USA. It would result in around 40% of Ardagh Group's total sales and EBITDA being generated in the USA.
