Yeoman, which has a 23% stake in Ardagh, acquired the German company last Friday for 35.5m.Under the deal, Ardagh can acquire the assets at this price at any time before June 30 2003.Ardagh, through its subsidiary Ardagh International, has indicated that it intends to take up the option.
Heye has been in insolvency for over 18 months but a restructuring is expected to return it to profitability in the near future.
Ardagh has agreed to provide management services to Heye pending the acquisition, and CEO Eddie Kilty has been appointed CEO of the new holding company for the Heye operations.
Just before Christmas Ardagh announced plans for a demerger its glass container manufacturing businesses in the UK and Italy into a new company called Ardagh Glass. The Heye operations will be part of this new company.