Ball Corporation Reaches Agreement to Sell Baltimore Specialty Tin Plant
September 26, 2016
BROOMFIELD, Colo., Sept. 26, 2016 /PRNewswire/ -- Ball Corporation (NYSE: BLL) today announced an agreement to sell its specialty tin manufacturing facility in Baltimore, Maryland, to U.S.-based Independent Can Company for approximately $25 million.
The transaction is expected to close during the fourth quarter of 2016 and the proceeds are subject to customary closing adjustments.
"We continue to focus on maximizing value and generating positive EVA® dollars in our core businesses," said Jim Peterson, chief operating officer, food and aerosol packaging. "While parting with dedicated employees is difficult, the Baltimore plant is an ideal complement to ICC's specialty tin can-focused business and this agreement helps Ball to better align with our strategic focus on food and aerosol packaging."
The Baltimore plant employs approximately 50 people and manufactures a diverse range of specialty and custom tinplate cans for a range of applications from cosmetics to promotional items. Ball acquired the plant in 2006 as part of the company's acquisition of U.S. Can Corporation.
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 18,700 people worldwide and pro forma 2015 net sales were $11 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; competitive activity; failure to achieve synergies, productivity improvements or cost reductions; mandatory deposit or other restrictive packaging laws; customer and supplier consolidation, power and supply chain influence; changes in major customer or supplier contracts or loss of a major customer or supplier; political instability and sanctions; currency controls; 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; 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 and synergies; interest rates affecting our debt; and successful or unsuccessful acquisitions and divestitures, including with respect to the Rexam PLC acquisition or the associated divestiture; the effect of the acquisition or the divestiture on our business relationships, operating results and business generally; the outcome of any legal proceedings that may be instituted against us related to the acquisition or the divestiture.
SOURCE Ball Corporation