Ardagh Group - comment
Ardagh has four production facilities in the UK, and the incoming (in 2025) recycling rules in the UK will hurt the competitiveness of glass unless the UK government can be persuaded to change tack. The new regulations punish glass because of its weight over other alternatives (despite its recyclability). On recent investor calls, Ardagh referenced some switching from glass to metal packaging on production cost grounds, so further drags from new environmental rules are unwelcome given the inevitable restructuring of Ardagh’s debt.