Saint-Gobain has Received a Binding and Irrevocable Offer for Verallia North
America From the Ardagh Group for $1,694 Million (Around €1,275 Million)
PARIS, January 14, 2013
PARIS, January 14, 2013 /PRNewswire/ --
Saint-Gobain has entered into exclusive negotiations with the Ardagh Group
following the latter's offer to acquire Verallia North America for an
enterprise value of $1,694 million (around €1,275 million), representing 6.5
times 2012 EBITDA (around $261 million). The binding and irrevocable offer is
not conditional upon financing being arranged.
With revenue of $1,621 million* and operating profit of $171 million* in 2012,
Verallia North America is the second largest glass container manufacturer in
the United States, behind Owens-Illinois. The company has 13 plants spread
across the country, and employs more than 4,400 people.
Compagnie de Saint-Gobain will decide whether to accept the offer after the
Works Council has been consulted and has given its opinion. The transaction
will be subject to authorization by the United States anti-trust authorities.
Pierre-André de Chalendar, Chairman and CEO of Compagnie de Saint-Gobain,
"The offer is a new milestone in Saint-Gobain's strategic refocusing on the
habitat sector. It puts a high value on our North American containers
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.
At the same time, Verallia's positions in Western and Eastern Europe, which
were recently strengthened by a very promising operation in Algeria, together
with its positions in growing Latin American markets, make it a global leader
in its markets,with considerable cash generation and development potential."
Saint-Gobain, the world leader in the habitat and construction markets,
designs, manufactures and distributes building materials, providing innovative
solutions to the challenges of growth, energy efficiency and environmental
protection. With 2011 sales of €42.12 billion, Saint-Gobain operates in 64
countries and has nearly 195,000 employees. For more information about
Analyst / Investor Relations
Florence Triou-Teixeira, +33-1-47-62-45-19
Vivien Dardel, +33-1-47-62-44-29
Alexandra Baubigeat, +33-1-47-62-30-93
Sophie Chevallon Susanne Trabitzsch,+33-1-47-62-30-48, +33-1-47-62-43-25
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