Ball Corporation Announces Sale of Australia-based Ball Solutions Group Pty Ltd.
January 02 2008 - 8:30AM
PR Newswire (US)
BROOMFIELD, Colo., Jan. 2 /PRNewswire-FirstCall/ -- Ball
Corporation (NYSE:BLL) announced today the sale of Ball Solutions
Group Pty Ltd., to QinetiQ Pty Ltd. Ball Solutions Group Pty Ltd.,
a subsidiary of Ball Aerospace & Technologies Corp., is based
in Canberra, Australia, and provides services primarily to the
Australian Department of Defense. Ball Aerospace has executed a
share sale agreement with QinetiQ Pty Ltd, a wholly owned
subsidiary of QinetiQ Group plc., to sell Ball Solutions Group Pty
Ltd for a total cash consideration of approximately $10.5 million
(Aus$12 million). Closing is subject to government approvals and
other customary conditions, and is expected to occur during the
first quarter of 2008. "Ball Solutions Group fits well
strategically with QinetiQ," said David L. Taylor, president and
chief executive officer of Ball Aerospace. "Almost all of Ball
Aerospace's business is in the United States, and we did not see
any long-term benefit in remaining in Australia. We will continue
to focus on growing our aerospace business in areas where we have
strategic advantage." Ball Solutions Group Pty Ltd. employs
approximately 150 people primarily in 10 locations in Australia. It
has annual revenues of approximately $25 million (Aus$29 million).
Ball Corporation is a supplier of high-quality metal and plastic
packaging products for beverage, food and household products
customers, and owns Ball Aerospace & Technologies Corp., a
supplier 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. 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 product 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; competitive activity; failure to
achieve anticipated productivity improvements or production cost
reductions, including our beverage can end project; 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; changes in senior management;
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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