WESTMINSTER, Colo., Feb. 14,
2024 /PRNewswire/ -- Ball Corporation (NYSE: BALL),
the world's leading producer of sustainable aluminum packaging for
global beverage and household brands, today announced that the U.S.
Department of Justice has ended its review, and allowed its review
period to expire, under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 with respect to the announced sale of
Ball's aerospace business to BAE Systems, Inc. for approximately
$5.6 billion in cash proceeds. With
the earlier receipt of other regulatory approvals and clearances
for closing this transaction, including the Defense
Counterintelligence and Security Agency and the Committee on
Foreign Investments in the United
States, the parties expect to close the transaction in the
near term, subject to the satisfaction or waiver of the remaining
customary closing conditions.
Morgan Stanley & Co. LLC served as Ball Corporation's
financial advisor. Skadden, Arps, Slate,
Meagher and Flom LLP and Axinn Veltrop
and Harkrider LLP served as Ball Corporation's legal and
regulatory advisors for the transaction.
About Ball Corporation
Ball Corporation supplies
innovative, sustainable aluminum packaging solutions for beverage,
personal care and household products customers. Ball Corporation
and its subsidiaries employ 21,000 people worldwide and reported
2023 net sales of $14.03 billion. For
more information, visit www.ball.com, or connect with us on
Facebook or Twitter.
Forward-Looking Statement
This release contains
"forward-looking" statements concerning future events and financial
performance. Words such as "expects," "anticipates," "estimates,"
"believes," and similar expressions typically identify forward
looking statements, which are generally any statements other than
statements of historical fact. Such statements are based on current
expectations or views of the future and are subject to risks and
uncertainties, which could cause actual results or events to differ
materially from those expressed or implied. You should therefore
not place undue reliance upon any forward-looking statements, and
they should be read in conjunction with, and qualified in their
entirety by, the cautionary statements referenced below. Ball
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Key factors, risks and uncertainties
that could cause actual outcomes and results to be different are
summarized in filings with the Securities and Exchange Commission,
including Exhibit 99 in Ball's Form 10-K, which are available on
Ball's website and at www.sec.gov. Additional factors that might
affect: a) Ball's packaging segments include product capacity,
supply, and demand constraints and fluctuations and changes in
consumption patterns; availability/cost of raw materials,
equipment, and logistics; competitive packaging, pricing and
substitution; changes in climate and weather and related events
such as drought, wildfires, storms, hurricanes, tornadoes and
floods; footprint adjustments and other manufacturing changes,
including the startup of new facilities and lines; failure to
achieve synergies, productivity improvements or cost reductions;
unfavorable mandatory deposit or packaging laws; customer and
supplier consolidation; power and supply chain interruptions;
changes in major customer or supplier contracts or loss of a major
customer or supplier; inability to pass through increased costs;
war, political instability and sanctions, including relating to the
situation in Russia and
Ukraine and its impact on Ball's
supply chain and its ability to operate in Europe, the Middle
East and Africa regions
generally; changes in foreign exchange or tax rates; and tariffs,
trade actions, or other governmental actions, including business
restrictions and orders affecting goods produced by Ball or in its
supply chain, including imported raw materials; b) Ball's aerospace
segment include funding, authorization, availability and returns of
government and commercial contracts; and delays, extensions and
technical uncertainties affecting segment contracts; failure to
obtain, or delays in obtaining, required regulatory approvals or
clearances for the proposed transaction; any failure by the parties
to satisfy any of the other conditions to the proposed transaction;
the possibility that the proposed transaction is ultimately not
consummated; potential adverse effects of the announcement or
results of the proposed transaction on the ability to develop and
maintain relationships with personnel and customers, suppliers and
others with whom it does business or otherwise on the business,
financial condition, results of operations and financial
performance; risks related to diversion of management's attention
from ongoing business operations due to the proposed transaction;
the impact of the proposed transaction on the ability to retain and
hire key personnel; and c) Ball as a whole include those listed
above plus: the extent to which sustainability-related
opportunities arise and can be capitalized upon; changes in senior
management, succession, and the ability to attract and retain
skilled labor; regulatory actions or issues including those related
to tax, environmental, social and governance reporting,
competition, environmental, health and workplace safety, including
U.S. Federal Drug Administration and other actions or public
concerns affecting products filled in Ball's containers, or
chemicals or substances used in raw materials or in the
manufacturing process; technological developments and innovations;
the ability to manage cyber threats; litigation; strikes; disease;
pandemic; labor cost changes; inflation; rates of return on assets
of Ball's defined benefit retirement plans; pension changes;
uncertainties surrounding geopolitical events and governmental
policies, including policies, orders, and actions related to
COVID-19; reduced cash flow; interest rates affecting Ball's debt;
successful or unsuccessful joint ventures, acquisitions and
divestitures, and their effects on Ball's operating results and
business generally; and potential adverse effects of the
announcement or results of the proposed transaction on the market
price of Ball Corporation's common stock.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/regulatory-review-process-for-the-sale-of-ball-aerospace-completed-302061774.html
SOURCE Ball Corporation