Ontario Teachers’ Pension Plan has hired advisers to explore a sale of Exal Corp., a manufacturer of specialty aluminum containers, according to people familiar with the matter.
Ontario Teachers’ is seeking about US$1 billion for Exal, the people said, asking not to be identified because the matter is private. No final decision has been made and Ontario Teachers may choose to keep the company, they said.
A representative for Ontario Teachers’ declined to comment. A representative for Youngstown, Ohio-based Exal didn’t immediately respond to requests for comment.
A group of investors led by the Toronto-based pension fund manager bought Exal Group in 2010 for an undisclosed sum. The company has manufactured aluminum containers for brands including Coca-Cola, Jack Daniels, Dove, L’Oreal, Pledge, Febreze, and Kraft. Founded in 1993, it now has operations in Argentina, Brazil and India as well as the U.S., according to its website.