Ardagh To Buy Back Shares

Ardagh Glass, the Irish firm that owns glassmakers Rockware in the UK; Heye-Glas in Germany; and Abruzzon Vetro in Italy, plus the machinery maker Heye International, plans to buy back Euros 5.95M worth of shares from its shareholders. It does not expect to pay any dividends on its shares for the foreseeable future. The firm's turnover in the first half of 2003 was Euros 208.6M and its operating profit was Euros 20.7M. The firm said market conditions continue to be difficult throughout Europe but it is very pleased with the performance of all its subsidiaries in driving through productivity and quality improvements. It said Rockware's profits would be hit in Euro terms because of the fall in value against the Euro of Sterling.