Glass bottles and cans maker Orora will cut debt and step up investment in a can manufacturing plant in Queensland with the $1.78 billion proceeds from the sale of its North American business.

Orora shares climbed 6 per cent in early trading after it announced on Wednesday it had sold the Orora Packaging Solutions unit to Veritiv, which itself was acquired in late 2023 by private equity firm Clayton, Dubilier & Rice for $US2.3 billion ($3.4 billion). Veritiv is a manufacturer of boxes, cartons and glass containers based in Atlanta, Georgia.