In early September, Tampa, Florida-based Anchor Glass Container Corp., which has a longtime facility in Elmira Heights, announced a comprehensive recapitalization plan designed to position the company for long-term growth.
On Thursday, Oct. 9, company officials announced the project has been completed, with the backing of new majority owners — Canyon Capital Advisors, Millstreet Capital, and UBS.
The transaction has reduced the company’s debt by more than 60% and provided $100 million of new capital to accelerate Anchor Glass’ strategic growth and modernization and create enhanced value for its customers, employees, communities, suppliers, and investors, company officials said.
While officials didn’t offer specifics, Anchor Glass said the facility on McCann’s Boulevard in Elmira Heights, which was built in 1912 and has about 270 employees, will benefit from the recapitalization project.
“This transformative moment marks the start of a new era for Anchor Glass,” said Nipesh H. Shah, president and chief executive officer. “We’ve materially strengthened our balance sheet, secured significant new capital, and are now primed for sustained investment in our assets, our people, and our customers.
Anchor Glass specializes in premium specialty glass packaging and has facilities in five states, including the Elmira Heights plant. Overall, the company employs about 1,500 people at its various sites.
The Elmira Heights facility, which manufactures glass containers for the beverage industry, kicked off a $51 million expansion project in 2020, boosting a workforce that at the time numbered 240 people.
The new capital will be strategically deployed toward furnace rebuilds and capacity expansions across the company’s U.S. network, according to a news release, enabling Anchor Glass to better serve customers in the food, beverage, spirits, ready-to-drink, and craft beer end markets that depend on sustainable, high-quality glass packaging.
By 2030, Anchor Glass expects to have invested more than $1 billion in capital improvements, company officials said, underscoring its long-term commitment to growth, innovation, and supply security for its customers.
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This article originally appeared on Elmira Star-Gazette: Anchor Glass completes recapitalization, says Elmira Heights plant will benefit
Reporting by Jeff Murray, Elmira Star-Gazette / Elmira Star-Gazette
USA TODAY Network via Reuters Connect
