News

Crown Holdings reported a sales increase of 10% to $2.2bn (£1.1bn) in the second quarter of 2008, primarily owing to favourable exchange rates, higher selling prices and volume growth in beverage and food cans in Europe and Asia.

Almost three-quarters of net sales were generated outside the US to 30 June 2008, compared with 71% in the same period in 2007.

Sales of beverage cans in Europe rose by 9%, driven by a 25% increase in the fast-growing Middle East markets.

Volumes in Asia grew by 8% owing to the addition of a new manufacturing plant in Cambodia and a second production line at the Vietnam plant in Ho Chi Minh City.

Crown also increased sales in its European food can business by 4%.

Gross profit in the second quarter rose by 23% to $352m.

Crown Holdings chief executive John Conway said with two strong quarters behind it, 2008 was "shaping up to be outstanding".

The company is building a new beverage can plant on its existing food can production site in Casablanca, Morocco, which will be operational late 2009.

Conway said Crown and its licensees reached a "significant milestone relating to sustainability" by selling the 150 billionth lightweight SuperEnd beverage can end.

In addition the company won a special award and two gold stars at the Starpack Awards for its Easylift easy-open can end.