Orora (ASX:ORA) fetched AU$1.78 billion from the sale of its North American packaging solutions business to Veritiv Corporation, an investee company of Clayton, Dubilier & Rice, according to a Thursday filing with the Australian bourse.

Net proceeds will be used initially to repay debt facilities and invest in an organic Cans capacity expansion in Rocklea, Queensland, per the filing.

Orora will also kickstart an on-market share buyback program no earlier than Dec. 24, with an initial commitment of up to 10% of its shares on issue or roughly AU$320 million, the filing said.