Trivium Packaging Due Diligence

Run due diligence on Trivium Packaging: check compliance and get alerts when suppliers or ownership change.

Netherlands · owned by Independent (Netherlands) · triviumpackaging.com · 38 vendors

Trivium Packaging is a global manufacturer and supplier of sustainable metal packaging solutions, producing a wide variety of products including aerosols, threaded bottles, beverage bottles, two- and three-piece cans, and slugs, ends and components from steel, tinplate, and aluminum. The company serves multiple industries including food, beverages, coffee, beauty and personal care, health and nutrition, pet, paints and coatings, and home care and industrial markets. With over 60 locations and approximately 7,400 employees worldwide, Trivium emphasizes sustainability and circularity through infinitely recyclable metal packaging.

Resilience scores

Digital Sovereignty: 24
Digital Resilience: 7
Financial Resilience: 5

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Insights

Last updated 2026-09-01 · revision 94

38 direct vendors, 312 subvendors

Direct vendors by controlling owner country (sample)

Austria: 1
Australia: 1
France: 2

Subvendors by controlling owner country (sample)

Cyprus: 1
Brazil: 1
Poland: 3

Compliance

11 in-scope frameworks identified; showing 3.

Financials

Three-year financials

2024: revenue $3.0B
2023: revenue $3.05B
2022: revenue $3.35B

Financial Resilience Score: 5/10

Trivium Packaging demonstrates a mixed financial resilience profile. On the positive side, it operates at meaningful scale (~$3 billion revenue, ~7,200 employees, 57 manufacturing sites) with leading global market positions in metal aerosols and food cans. It benefits from a blue-chip customer base with multi-year contracts, cost pass-through mechanisms for tinplate and aluminum, and structural tailwinds from regulatory pressure toward recyclable materials over single-use plastics. Long-horizon sponsor ownership (Ontario Teachers' Pension Plan ~57% and Ardagh Group ~43%) provides ownership stability. However, the company carries high leverage with net debt of approximately $2.5-2.7 billion and net leverage in the 5.5-6.5x Adjusted EBITDA range, making it sensitive to interest rate changes, EBITDA declines, and refinancing conditions. Book equity is negative or minimal due to the leveraged JV formation and dividend recapitalization. The 2023 destocking cycle showed volume cyclicality (revenue down ~9%), though margins have improved through cost programs, with Adjusted EBITDA margins expanding to ~15% in 2024. Additionally, Ardagh Group's own financial stress in 2024-2025 introduces potential ownership transition risk.

Key strengths: Scale with ~$3B revenue, ~7,200 employees across 57 manufacturing sites, Leading #1/#2 market positions in metal aerosols and food cans, Blue-chip customer base with multi-year contracts, Long-horizon sponsor ownership (Ontario Teachers' Pension Plan and Ardagh Group), Metal cost pass-through mechanisms protecting gross margins, Structural tailwind from regulatory shift away from single-use plastics, Adjusted EBITDA margins stable in mid-teens (~15% in 2024)

Risk factors: High leverage (net debt ~$2.5-2.7B; net leverage 5.5-6.5x Adjusted EBITDA), Negative or minimal book equity from leveraged JV formation and dividend recap, Volume cyclicality demonstrated by 2023 destocking (revenue -9%), Customer concentration typical of B2B packaging with large CPG customers, Raw-material and energy price volatility with lagged pass-through, FX translation risk (USD reporting, large EUR revenue/cost base), Ownership overhang from Ardagh Group financial stress and potential stake sale, Substantial cash interest burden and repeated refinancing needs

Revenue by geography

Europe: 50%
North America (US + Mexico): 33%
South America: 12%
Rest of world (Asia + others): 5%

Revenue by product/service

Food (vegetables, seafood, ready meals, pet food, infant formula): 42%
Beauty, personal care, home/industrial aerosols: 28%
Beverages (specialty beverage, wine, spirits, water): 12%
Paints & coatings, industrial: 10%
Health & nutrition / other: 8%

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