Ball Announces Settlement
October 09 2007 - 7:00PM
PR Newswire (US)
BROOMFIELD, Colo., Oct. 9 /PRNewswire-FirstCall/ -- Ball
Corporation (NYSE:BLL) announced today that Ball Metal Beverage
Container Corp. (BMBCC) and Miller Brewing Company (Miller) had
settled their dispute regarding an alleged breach of contract by
BMBCC. Under the settlement, BMBCC will continue to supply all of
Miller's beverage can and end requirements through 2015. Miller is
one of BMBCC's largest customers. BMBCC will make a one-time
payment to Miller in January 2008 of approximately $70 million to
resolve various business issues between the parties, who have also
agreed to make certain adjustments to the provisions of BMBCC's
supply arrangements with Miller. Further details of the settlement
are confidential. The overall settlement will result in a third
quarter charge to Ball of approximately $86 million (approximately
$52 million after tax). "We are pleased to have this dispute behind
us and that the good faith mediation process resulted in this
settlement," said R. David Hoover, chairman, president and CEO of
Ball Corporation. "We value Miller Brewing Company's business and
are proud to have been a past recipient of numerous supplier awards
from Miller. We look forward to performing to the same high level
that merited these awards during the remaining eight-plus years of
our contract." Ball Corporation is a supplier of high-quality metal
and plastic packaging products for beverage, food and household
customers, and of aerospace and other technologies and services,
primarily for the U.S. government. Ball Corporation and its
subsidiaries employ more than 15,500 people worldwide and reported
2006 sales of $6.6 billion. Third Quarter Conference Call Details
Ball Corporation will announce its third quarter 2007 earnings on
Thursday, Oct. 25, 2007, before trading begins on the New York
Stock Exchange. At 8:30 a.m. Mountain Time on that day (10:30 a.m.
Eastern), Ball will hold its regular quarterly conference call on
the company's results and performance. The North American toll-free
number for the call is 800-926-7535. International callers should
dial 415-226-5354. Please use the following URL for a Web cast of
the live call: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-
eventDetails&c=115234&eventID=1656329 For those unable to
listen to the live call, a taped replay will be available after the
live call's conclusion until 12:30 a.m. Eastern Time on Nov.1,
2007. To access the replay, call 800-383-0935 (North American
callers) or 402-977-9140 (international callers) and use
reservation number 21350553. A written transcript of the call will
be posted within 48 hours of the call's conclusion to Ball's Web
site at http://www.ball.com/ in the investors section under
"presentations." Forward-Looking Statements This release contains
"forward-looking" statements concerning future events and financial
performance. Words such as "expects," "anticipates," "estimates"
and similar expressions are intended to 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 99.2 in our
Form 10-K, which 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 and
preferences; availability and cost of raw materials, including
recent significant increases in resin, steel, aluminum and energy
costs, and the ability to pass such increases on to customers;
competitive packaging availability, pricing and substitution;
changes in climate and weather; crop yields; industry productive
capacity and competitive activity; failure to achieve anticipated
productivity improvements or production cost reductions, including
those associated with our beverage can end project; the German
mandatory deposit or other restrictive packaging laws; changes in
major customer or supplier contracts or loss of a major customer or
supplier; and changes in foreign exchange rates, tax rates and
activities of foreign subsidiaries. Factors that might affect our
aerospace segment include: funding, authorization, availability and
returns of government and commercial contracts; and delays,
extensions and technical uncertainties affecting segment contracts.
Factors that might affect the company as a whole include those
listed plus: accounting changes; successful or unsuccessful
acquisitions, joint ventures or divestitures; integration of
recently acquired businesses; regulatory action or laws including
tax, environmental and workplace safety; governmental
investigations; technological developments and innovations;
goodwill impairment; antitrust, patent and other litigation;
strikes; labor cost changes; rates of return projected and earned
on assets of the company's defined benefit retirement plans;
pension changes; reduced cash flow; interest rates affecting our
debt; and changes to unaudited results due to statutory audits or
other effects. 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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