News
Ball increases stake in Brazilian beverage venture
Ball Corporation has acquired an additional 10.1% economic interest in its Brazilian beverage packaging joint venture, Latapack-Ball Embalagens Ltda.
Ball’s results will be consolidated and reported in Ball Corporation’s metal beverage packaging, Americas and Asia, segment beginning with the third quarter of 2010. Ball expects to report a gain in the third quarter on its previous ownership interest in Latapack-Ball.
Latapack-Ball operates metal beverage packaging manufacturing plants in Tres Rios, Jacarei and Salvador, Brazil, and is expected to have 2010 sales of approximately $360 million.
“Ball’s roots in Brazil reach back more than 15 years, and the Brazilian market has become an increasingly important region for our products and our company,”said R David Hoover, Ball’s chairman and chief executive officer. “The business is experiencing significant growth and we expect it to contribute to our future success, though the impact on Ball’s earnings per share this year will be limited, as we already report 50% of the net income of the joint venture.”
Source: Ball Corporation
See also
Latest news
| |