Ardagh Glass, the Dublin based glass container specialist controlled by financier Paul Coulson, has succeeded in raising a GBP 35 million funding package from GE Commercial Finance“s Business Finance…
Ardagh Glass, the Dublin based glass container specialist controlled by financier Paul Coulson, has succeeded in raising a GBP 35 million funding package from GE Commercial Finance“s Business Finance unit. The funding represents a partial refinancing of its UK business. Ardagh Glass chief financial officer John Riordan said: Our vision is to continue to develop and grow over the coming years and the finance provided by GE Commercial Finance helps us maintain this vision. The team at GE Commercial Finance was chosen as it was able to offer us a flexible funding solution and their superior speed of execution gave them a competitive advantage. Ardagh Glass is one of Europe“s leading manufacturers of glass containers, and is the preferred packaging supplier for many of the world“s largest food and beverage brands. It operates 20 manufacturing facilities across seven countries in Europe. The business employs more than 6,500 employees and produces over 12 billion glass containers each year. The market has seen a resurgence as consumers see glass as a safe and eco-friendly alternative to plastic. A recent survey of 6,200 households conducted by The European Container Glass Federation found that 74% of people preferred glass packaging for food and beverages. The refinance facility provided by GE Commercial Finance consists of a GBP 35 million receivables financing facility. The transaction was completed in fewer than three weeks. GE Commercial Finance, Business Finance head of corporate business development Adam Johnson, said: We have developed a good relationship with the management team at Ardagh Glass and we were pleased to be able to provide the company with the solution it was looking for in such a short period of time. This is a long-established, successful business and we look forward to working alongside the management team to cultivate the relationship.