Ball Corporation Announces Sale of Australia-Based Ball Solutions Group Pty Ltd. |
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Ball Corp.
10 Longs Peak Dr.
Broomfield, CO, 80021
USA
Press release date: January 2, 2008
BROOMFIELD, Colo., Jan. 2 -- 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.
Source: Ball Corporation
CONTACT:
Investors Ann T. Scott +1-303-460-3537 ascott@ball.com
or
Media Scott McCarty +1-303-460-2103 smccarty@ball.com, both of Ball Corporation
Web site: http://www.ball.com/
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