Ball Corporation Announces $125 Million Accelerated Stock Buyback
January 31 2005 - 4:15PM
PR Newswire (US)
Ball Corporation Announces $125 Million Accelerated Stock Buyback
BROOMFIELD, Colo., Jan. 31 /PRNewswire-FirstCall/ -- Ball
Corporation (NYSE:BLL) announced today that it has agreed to
repurchase approximately $125 million of its outstanding common
stock in a privately negotiated accelerated stock repurchase
transaction with BNP Paribas using cash on hand and available
borrowings. The transaction immediately reduces Ball's reported
outstanding common stock by three million shares. The shares are
subject to a market price adjustment provision which may require a
payment to be made by Ball or to Ball based on the volume weighted
average trading price of the company's shares over an agreed upon
period of time. After today's transaction, approximately eight
million shares remain under a stock repurchase authorization
approved by the company's board of directors in July 2004. Ball
Corporation is a supplier of high-quality metal and plastic
packaging products to the beverage and food industries. The company
also owns Ball Aerospace & Technologies Corp., which develops
sensors, spacecraft, systems and components for government and
commercial markets. Ball employs more than 14,000 people worldwide
and reported 2004 sales of $5.4 billion. Forward-Looking Statements
The information in this news release contains "forward-looking"
statements and other statements concerning future events and
financial performance. Words such as "expects," "anticipates,"
"estimates," and variations of same and similar expressions are
intended to identify forward-looking statements. Forward-looking
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 the company's filings with the
Securities and Exchange Commission, especially in Exhibit 99.2 in
the most recent Form 10-K. These filings are available at our Web
site and at http://www.sec.gov/. Factors that might affect our
packaging segments include fluctuation in consumer and customer
demand; availability and cost of raw materials, particularly resin,
steel, aluminum and energy, and the ability to pass on to customers
changes in these costs; competitive packaging material
availability, pricing and substitution; changes in climate and
weather; fruit, vegetable and fishing yields; industry productive
capacity and competitive activity; lack of productivity improvement
or production cost reductions; the German mandatory deposit or
other restrictive packaging laws; changes in major customer
contracts or loss of a major customer; international business
risks, including foreign exchange rates, tax rates and activities
of foreign subsidiaries; and the effect of LIFO accounting on
earnings. Factors that might affect aerospace segment include:
funding, authorization and availability of government contracts and
the nature and continuation of those contracts; and technical
uncertainty associated with segment contracts. Factors that could
affect the company as a whole include those listed plus:
acquisitions, joint ventures or divestitures and associated
integration activities; regulatory action or laws including
environmental and workplace safety; governmental investigations;
goodwill impairment; antitrust and other litigation; strikes;
boycotts; increases in employee benefits and labor costs; rates of
return projected and earned on assets of the company's defined
benefit retirement plans; reduced cash flow; interest rates
affecting our debt; and changes to unaudited results due to
statutory audits of our financial statements or internal controls
over financial reporting. DATASOURCE: Ball Corporation CONTACT:
Investors, Ann. T. Scott, +1-303-460-3537, , or Media, Scott
McCarty, +1-303-460-2103, , both of Ball Corporation Web site:
http://www.ball.com/
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