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Blue-chip conglomerate Swire Pacific Ltd. (0019.HK) said Tuesday it agreed to sell its holdings in two beverage-can joint ventures to its partner in the ventures, Crown Holdings Inc. (CCK), for a total of US$150 million.
Swire said in a statement it will use the proceeds from the sale as general working capital.
One of the ventures, Crown Beverage Cans Hong Kong Ltd., manufactures aluminium beverage cans in China and Vietnam. The other venture, Crown Swire Investment Co.
-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; firstname.lastname@example.org