Ball Corporation announced an agreement to sell its specialty tin manufacturing facility in Baltimore
OREANDA-NEWS. Ball Corporation (NYSE: BLL) today announced an agreement to sell its specialty tin manufacturing facility in Baltimore, Maryland, to U.S.-based Independent Can Company for approximately $25 million.
The transaction is expected to close during the fourth quarter of 2016 and the proceeds are subject to customary closing adjustments.
"We continue to focus on maximizing value and generating positive EVA® dollars in our core businesses," said Jim Peterson, chief operating officer, food and aerosol packaging. "While parting with dedicated employees is difficult, the Baltimore plant is an ideal complement to ICC's specialty tin can-focused business and this agreement helps Ball to better align with our strategic focus on food and aerosol packaging."
The Baltimore plant employs approximately 50 people and manufactures a diverse range of specialty and custom tinplate cans for a range of applications from cosmetics to promotional items. Ball acquired the plant in 2006 as part of the company's acquisition of U.S. Can Corporation.
About Ball Corporation
Ball Corporation supplies innovative, sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball Corporation and its subsidiaries employ 18,700 people worldwide and pro forma 2015 net sales were $11 billion.