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.
Forward-Looking Statements
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.
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SOURCE Ball Corporation