October 14, 2013|P. Carlo Ratto
- Citadel Capital will acquire a 49% stake in Egyptian float glass manufacturer Sphinx Glass from DH Investors Ltd. DH also will participate in Citadel’s upcoming EGP3.64 billion (~$521 million) share issuance. The deal will give Citadel Capital an effective 59.7% stake in Sphinx Glass.
- (BBC) A pay dispute that nearly resulted in strikes by workers at Ardagh Group plants in England and Scotland has been resolved, according to a BBC report. Union members at plants in Barnsley, Doncaster, and Knottingley in Yorkshire and Irvine in Ayrshire have accepted a 6% raise over two years. They had previously rejected a proposed 5.5% increase. The plants employ about 1,300 people.
- U.S. demand for beverage containers is expected to increase by 1.7% annually until 2017 to 265 billion units valued at $29.1 billion, according to a report from Freedonia Group. Gains are expected to be driven by ongoing consumer preference for single-serving containers in many markets, increasing interest in alternatives to carbonated soft drinks, and new product introductions accompanied by aggressive marketing campaigns.
- (Reuters) Iran plans to invest approximately €8.5 billion in its aluminum industry as part of plans to nearly quadruple production by 2025. The country produced 338,000 metric tons of aluminum last year and is aiming for 770,000 metric tons in 2016 and 1.5 million metric tons by 2025. Iran is currently the world’s 20th largest producer of aluminum.
- Iluka Resources Ltd. has acquired all the issued share capital of Sri Lankan company PKD Resources (Pvt) Ltd., which owns an exploration tenement located near the city of Puttalam in the country’s North Western province. The agreement gives Iluka four exploration tenements in Sri Lanka that the company says contain a large mineral sand resource.