Oressa Files for IPO
Oressa has filed with the U.S. Securities and Exchange Commission (SEC) for its initial public offering.
Oressa Ltd. filed an F-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $100 million. The company intends to list on the New York Stock Exchange (NYSE) under the symbol ORES.
The sole underwriter for the offering is Citigroup.
The company is a supplier of value-added metal can packaging for the consumer products industry. It supplies a broad range of products, including two-piece aluminum and tinplate and three-piece tinplate cans, and a wide range of can ends, including easy open and peelable ends. Many of the products feature high-quality printed graphics, customized sizes and shapes or other innovative designs.
This can packaging is applicable to a wide range of consumer-driven end-use categories from seafood to paints and coatings. Oressa has dedicated manufacturing facilities and sales teams organized around serving these end-use categories.
With approximately 1,300 customers across more than 70 countries, the company sells its products to a diverse range of multi-national companies, large national and regional companies, and small local businesses.
Oressa operates 54 production facilities in 20 countries, and it employs approximately 7,300 personnel. Generally, the plants are strategically located to serve customers, with some facilities located on-site at the customers’ filling locations.
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Revenue for the period was €1,850 million. The operating profit and Oressa’s loss for the same period were €70 million and €79 million, respectively. The total capital expenditure associated with recent investments in the United States is $200 million through the end of December 2014, of which $139 was invested in 2014.
The company was formed on June 16, 2015, to acquire Ardagh Group and plans to use the proceeds of the IPO to fund the acquisition.
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