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Ball buys out Chinese JV partnerSimeon Goldstein, 11 November 2009Be the first to comment on this article Metal and packaging supplier Ball Corporation has paid $90m to buy out the remaining 65% interest in its joint-venture metal beverage can end plant in Sanshui, China. Ball has owned a 35% stake in the company since 1992 and will acquire the remainder of the plant and related assets in cash and assumed debt from Guangdong Jianlibao in a deal that is due to close next year, subject to customary regulatory approvals. The US-based firm has also agreed to a long-term supply agreement with Jianlibao. Ball’s chairman, president and chief executive officer David Hoover said the company was seeing continually increasing demand for beverage cans at the Sanshui facility. “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,” he said. Ball employs more than 14,500 people worldwide and its sales in 2008 hit $7.6bn. It provides metal and plastic packs for beverage, food and household products customers. Last month, it completed a $577m purchase of four US drinks can and end plants from AB InBev. The firm also supplies aerospace and other technologies and services, mainly to the US government. Click here for today’s headlines from across the packaging industry Speak Your Mind |
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