Ball Announces Accelerated Stock Repurchase
March 04, 2014
BROOMFIELD, Colo., March 4, 2014 /PRNewswire/ -- Ball Corporation (NYSE:BLL) today announced that it has agreed to repurchase approximately $100 million of its outstanding common stock in a privately negotiated accelerated stock repurchase transaction with Barclays Bank PLC, using cash on hand and available borrowings.
Subject to certain conditions, the transaction will commence today and reduce Ball's outstanding common stock by a total of approximately 1.8 million shares.
"Ball's businesses continue to generate a significant amount of free cash flow and today's announcement reinforces our ongoing balanced capital allocation strategy of returning value to shareholders via share buybacks," said Scott C. Morrison, senior vice president and chief financial officer.
The shares are subject to a market price adjustment provision at the conclusion of the transaction which may require a settlement to be made by Ball, or to Ball, based generally on the volume weighted average trading price of the company's shares over an agreed upon period of time.
About Ball Corporation
Ball Corporation supplies innovative, sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball Corporation and its subsidiaries employ 14,500 people worldwide and reported 2013 sales of $8.5 billion. For more information, visit www.ball.com, or connect with us on Facebook or Twitter.
This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates" and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key risks and uncertainties are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in our Form 10-K, which are available on our website and at www.sec.gov. Factors that might affect: a) our packaging segments include product demand fluctuations; availability/cost of raw materials; competitive packaging, pricing and substitution; changes in climate and weather; crop yields; competitive activity; failure to achieve productivity improvements or cost reductions; mandatory deposit or other restrictive packaging laws; changes in major customer or supplier contracts or loss of a major customer or supplier; political instability and sanctions; and changes in foreign exchange or tax rates; b) our aerospace segment include funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts; c) the company as a whole include those listed plus: changes in senior management; successful or unsuccessful acquisitions and divestitures; regulatory action or issues including tax, environmental, health and workplace safety, including U.S. FDA and other actions or public concerns affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; litigation; strikes; labor cost changes; rates of return on assets of the company's defined benefit retirement plans; pension changes; uncertainties surrounding the U.S. government budget, sequestration and debt limit; reduced cash flow; ability to achieve cost-out initiatives; interest rates affecting our debt.
SOURCE Ball Corporation