News
Ball to acquire partner’s interest in packaging plant
Ball Corporation has announced that it has agreed to acquire Guangdong Jianlibao Group Co Ltd’s 65% interest in a joint venture metal beverage can and end plant in Sanshui, China.
Ball has owned 35% of the joint venture plant since 1992.
Ball will acquire the plant and related assets for approximately $90m in cash and assumed debt. The company also entered into a long-term supply agreement with Jianlibao. The transaction is expected to close next year, subject to customary regulatory approvals.
“The Sanshui facility is a large, efficient manufacturing plant located in southern China, where we continue to see increasing demand for beverage cans,” said R David Hoover, Ball’s chairman, president and CEO. “We’re very familiar with the plant and its customers, and this investment allows us greater flexibility to serve the growing Chinese market at a significantly lower cost than building a new facility and without adding additional capacity.”
Source: Ball Corporation
See also
Latest news
| |