Ardagh weighs sale of metal packaging business amid portfolio reshaping
Potential divestment of Ardagh Metal Packaging could help parent company reduce leverage while reshaping its global packaging portfolio.
USA – Ardagh Holdings is preparing for a potential sale of Ardagh Metal Packaging (AMP) as the group continues to reshape its portfolio and strengthen its financial position.
In a filing, Ardagh Holdings said its board had instructed advisers to prepare for a potential sale of AMP. Any transaction would remain subject to further approval from the board.
Under the proposed process, Ardagh Holdings could sell some or all of its indirect equity interests in AMP to a third-party buyer.
The process could also involve Ardagh Holdings acquiring shares held by external equity investors to facilitate a full sale.
Beverage cans remain core business
AMP operates 23 production facilities across nine countries, employing around 6,500 people. The business generated approximately US$5.5 billion in sales in 2025, according to Ardagh Holdings.
More than half of AMP’s business is now focused on specialty cans, with energy drinks representing an important area of demand.
However, beverage can sales and global volumes declined 1% year on year in the most recent quarter. Revenue for the first half of 2026 reached approximately US$3.2 billion.
Despite the softer volumes, analysts cited in the filing suggested that the potential sale was not necessarily a reflection of concerns about AMP’s underlying performance.
RBC Capital Markets analysts said they believed there could be several interested parties, arguing that Ardagh Holdings could be seeking to monetise its stake while reducing leverage and taking advantage of the positive longer-term outlook for beverage cans.
A sale would represent another significant change for Ardagh following a period of restructuring.
Ardagh Group completed a recapitalisation last November, while founder Paul Coulson stepped down and Mark Porto became executive chairman.
The company has also introduced its Clearly Ardagh commercial and operational improvement strategy as it responds to challenging market conditions.
AMP, which trades on the New York Stock Exchange, currently has a market capitalisation of around US$3.1 billion.
Ardagh Group indirectly held approximately 76% of AMP shares according to its 2025 annual report.
Ardagh also owns a 42% stake in metal packaging specialist Trivium, giving the group continued exposure to the sector even if it were to divest its interest in AMP.
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