Crown Holdings, Inc. Announces Agreement to Acquire Partner's Interest in Chinese and Vietnamese Joint Ventures
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PHILADELPHIA, Sept. 7 - Crown Holdings, Inc. (the "Company") (NYSE:CCK) today announced that it has entered into agreements to acquire, from affiliates of Swire Pacific Limited, their 44.57% interest in the holding company for Crown's four joint venture facilities in China and their 49% interest in the holding company for Crown's joint venture facility in Hanoi, Vietnam for an aggregate purchase price of $150 million. Consolidated 2009 net sales for the above operations was approximately $250 million. Upon consummation of the acquisition, the holding companies will be wholly-owned subsidiaries of Crown.
"The acquisition, along with our previously announced decisions to expand production capacity in China and Vietnam, supports Crown's emerging markets growth initiative in Asia," said John W. Conway, Chairman and Chief Executive Officer of the Company.
The transaction is subject to certain closing conditions and is expected to close during the third quarter.
Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.
For more information, contact:
Thomas A. Kelly, Senior Vice President - Finance,
(215) 698-5341, or
Ed Bisno,
Bisno Communications,
(212) 717-7578.
Source: Crown Holdings, Inc.
Web Site: http://www.crowncork.com/
