In the news release, Ball Completes Acquisition of Partners'
Interests in Qingdao, China,
Beverage Can Plant, issued 11-Oct-2011 by Ball Corporation over PR Newswire,
we are advised by the company that the fourth paragraph, first
sentence, should read "approximately $6
million in the fourth quarter of 2011" rather than
"approximately $6 million in the
third quarter of 2011" as originally issued inadvertently. The
complete, corrected release follows:
Ball Completes Acquisition of Partners' Interests in Qingdao,
China, Beverage Can Plant
BROOMFIELD, Colo., Oct. 11, 2011 /PRNewswire/ --
Highlights
- Ball has acquired its partners’ interests in a former joint
venture plant in Qingdao,
China
- The plant is being relocated and expanded in Qingdao
- The new facility is on schedule to begin production by the end
of 2011
- Ball’s Qingdao investment is
part of the company’s previously announced 2011 capital expenditure
program
Ball Corporation (NYSE: BLL) announced today it has acquired its
partners' 60 percent interests in a former joint venture metal
beverage can plant in Qingdao,
China, and is building a new, expanded plant in Qingdao to meet customer demand.
Ball has owned 40 percent of the joint venture plant since 1993.
The equipment from the existing facility will be relocated to
another Ball location in China.
Construction on the new Qingdao
plant is underway.
"Our volumes in China in the
first half of 2011 experienced strong growth compared to the same
period last year due to increased market demand and the acquisition
of our Foshan joint venture beverage can plant in June 2010," said
Raymond J. Seabrook, executive vice
president and chief operating officer, global packaging. "The
relocation of the existing Qingdao
plant offers an opportunity for us to build a larger, high-speed
plant to supply our customers' growing demand for beverage cans in
northeastern China."
Ball expects to report an after tax gain of approximately
$6 million in the fourth quarter of
2011 on its previous ownership interest in the joint venture,
subject to the appraisal of the business. The new plant will supply
both 330ml and 500ml cans – an increasingly popular size for beer.
It is on schedule to start up by the end of 2011.
Ball Corporation is a supplier of high quality packaging for
beverage, food and household products customers, and of aerospace
and other technologies and services, primarily for the U.S.
government. Ball Corporation and its subsidiaries employ more than
14,500 people worldwide and reported 2010 sales of more than
$7.6 billion. For the latest Ball
news and for other company information, please visit
http://www.ball.com.
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 on our website and at
www.sec.gov. Factors that might affect our packaging segments
include fluctuation in product demand and preferences; availability
and cost of raw materials; 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; mandatory
deposit or other restrictive packaging laws; changes in major
customer or supplier contracts or loss of a major customer or
supplier; political instability and sanctions; and changes in
foreign exchange rates or tax rates. 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; the
recent global recession and its effects on liquidity, credit risk,
asset values and the economy; successful or unsuccessful
acquisitions; regulatory action or laws including tax,
environmental, health and workplace safety, including U.S. FDA and
other actions affecting products filled in our containers, or
chemicals or substances used in raw materials or in the
manufacturing process; 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; uncertainties
surrounding the U.S. government budget and debt limit; reduced cash
flow; interest rates affecting our debt; and changes to unaudited
results due to statutory audits or other effects.
SOURCE Ball Corporation