Ardagh Group
The attached article is a good summary of the challenge facing Ardagh Glass. We have said for some time that part of the drops are permanent as other packaging formats replace glass in certain categories. Ardagh continues to review North American capacity, and more facilities could be rationalised in the future. The growth opportunity remains in Africa, with Europe likely to see limited volume growth. The upside of this is that Ardagh now has the space to focus on its operations rather than fighting its debt.