The news about Ardagh — the Luxembourg-based, New York-listed packing conglomerate that originated from the Irish Glass Bottle Factory in Ringsend — has not been good. Ardagh has had to partner with Apollo, one of the world’s biggest alternative asset managers, to refinance some of its most pressing debts. How did it come to be in this situation? Ardagh makes bottles and cans in 61 factories around the world. About half of its revenue comes from bottles and half from cans. The manufacture of bottles and cans is a stable business. The business is stable because it’s difficult for competitors…

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