Fall driven by a drop in glass volume sales in North America
Paul Coulson’s Ardagh Group has lowered its full-year earnings forecast for its glass bottles business again, adding to the challenge faced by the packaging giant as it weighs options to cut its $12.4 billion debt pile.
This was driven by a drop in glass volume sales in North America, amid a downturn in the region’s beer and wine markets, and a slower – than-expected rebound in demand in Europe following a slump in sales late last year. Still, Ardagh’s New York Stock Exchange-listed cans unit, Ardagh Metal Packaging , in which the group holds a 75 per cent stake, has grown more confident in its full-year outlook, now predicting that its ebitda will come in between $650 million and $660 million – after nudging the lower end of its previous range up by $10 million.Mr Troskie, who took over the helm late last year as Mr Coulson stepped down as chairman, reiterated that Ardagh is looking at options to reduce the burden of its debt.
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