ORA ASX: Orora shares jump after Veritiv buys its US packaging business for $1.78 billion

Glass bottles and cans maker Orora will cut debt and step up investment in a can manufacturing plant in Queensland with the $1.78 billion proceeds from the sale of its North American business.

, a 126-year-old glass bottle-making business in France. That acquisition has caused some headaches for the company and been a drag on its share price, which opened the door for a buyout bid for Orora by US private equity group Lone Star. With the newfound funds, Orora intends to bring forward a $130 million capital spend on an expansion of an existing can manufacturing plant at Rocklea on the outskirts of Brisbane.

Orora had been undertaking a strategic review of its North American packaging business months before the Lone Star approach. The sale to Veritiv was on a multiple of 9.9 times EBITDA for 2023-24.

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