Orora to buy high-end French glass maker for billions

Packaging manufacturer Orora will acquire French glass bottle manufacturer Saverglass from U.S. private equity group Carlyle Group for $2.16 billion.

Saverglass manufactures premium and ‘ultra-premium’ glassware for high-end wine and spirit makers, such as Hennessy and Grey Goose.

“We are extremely pleased to welcome Saverglass into the Orora Group,” Orora CEO Brian Lowe says.

“This strategic acquisition further strengthens our existing glass business, establishing Orora as a global player of scale in attractive premium segments.”

Orora last major global acquisition was in 2018, after spending $110 million to buy Texas-based Pollock Packaging to expand its North American operations.

It will raise approximately $1.35 billion, as well as using $875 million of acquisition debt financing, to fund the Saverglass acquisition.

Orora was built out of Amcor as a separate glass business about 10 years ago and has almost 30 packaging plants in Australia.

Orora says the new Saverglass acquisition “will become the centrepiece of Orora’s global business unit, and will operate as a third platform for growth, under the leadership of Orora and Saverglass’ highly experienced management teams, who will remain in the business”.

This investment comes days after the announcement of a new $80 million aluminium can line at its Dandenong manufacturing site, in Victoria.