Ontario Teachers’ Pension Plan Board has reportedly terminated its plans to offload US-based specialty aluminium containers manufacturer Exal.

As part of the sale process, the pension fund manager appointed advisers earlier this year to pursue the divestment for around $1bn. However, the company has reportedly scrapped the plans for now.

Bidding companies for the acquisition of Exal did not meet the targeted price of the pension fund.

“With substantial operations in South America, Exal manufactures containers for aerosols, beverages and food.”

The price is based on earnings before interest, taxes, depreciation and amortisation of around $80m per annum.

Reportedly, the pension fund could also recommence efforts to divest the company.

With substantial operations in South America, Exal manufactures containers for aerosols, beverages and food.

Lower-than-expected offers are in view of Exal’s weakness in its Argentina operations in recent months.

An investor group led by the Ontario Teachers’ Pension Plan acquired a majority stake in Exal in April 2010, for an undisclosed sum.

Established in 1993, Exal produces approximately 1.3 billion units a year for multiple industry segments, including beverage, pharmaceutical, beauty and personal care, food, and home care. It generates annual revenues of about $400m.

The company was founded by former CEO Delfin Gilbert and its product offerings include impact extruded containers, piston cans, bevloc bottle, coil-to-can, bag-on-valve containers, lining materials, formulation and filling.

Free Whitepaper How electronic inspection sensors prevented a potentially extremely costly product recall

A pharmaceutical client was at risk of a product recall due to a capping problem with a new tablet formulation. This document explains how DJA Pharma prevented a costly recall with a simple, elegant and effective solution.

Enter your details here to receive your free whitepaper.

Machinery whitepaper

Download our whitepaper

Yes I have read and accept the terms and conditions and privacy policys.

You are in control of the communications you receive from us and you can update your preferences anytime to make sure you are receiving information that matters to you. Please check our Verdict Privacy Policy to see how we protect and manage your submitted data.

You will receive your free whitepaper after you submit the form.