Ardagh Group is planning to float its canmaking business as a separate concern in a move that it is expected to value it at about € 2 billion euros (US$2. lbn). It will be headed by current metal division chief David Wall. In a statement made in March as the metal and glass packaging producer revealed that its sales had grown 17 percent to €4.73 billion ($5.0bn) in 2014, the company, whose management board is based in Dublin, Ireland, said that the IPO will take place in the US before the end of the year, subject to market conditions. Pro forma sales for the year to end of December 2014 in Ardagh's metal division were up 1.2 percent at€ 1.82bn ($1.97bn), while those in its glass division were up 1.9 percent at € 2.87bn ($3.11bn). Earnings before interest charges, tax and depreciation grew healthily by 27 percent to€792m($859m),but impairment costs, exceptional items and interest charges totalling€ 1.19bn ($1.29bn) mean that the company made a pre-tax loss of € 391m ($424m), up from a loss of €314m ($340m)in 2013.
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