The chairman of glass bottles and cans maker Orora says the company has not been sold a dud by large private equity firm The Carlyle Group, as he defended the $2.2 billion buyout last year of French group Saverglass.

Rob Sindel said the Orora board spent 12 months rigorously going through the inner workings of the 127-year-old French business, which has one-third of the market in high-end spirits bottles, with large customers such as Grey Goose, Glenfiddich and Hennessy.