Ball Distances Itself From Food-Can Assets in Value-Neutral Deal With Platinum Equity
Amid concerns about recent weakness in the food-can industry, Ball has announced that it is selling its tinplate food and aerosol assets into a joint venture with Platinum Equity. Flat to negative growth in food-can volumes has been a recent headwind to this capital-intensive business. Platinum's $600 million pretax payment to Ball for 51% of the business suggests a fairly high 24-25 times enterprise value/EBIT multiple, but we estimate that the assets sold demand relatively less incremental cap...Ball supplies metal packaging to the beverage, personal care and household products industries. The company provides aerospace and other technologies and services. The company's main product line is aluminum beverage containers. The company also produces aerosol containers, extruded aluminum aerosol containers and aluminum slugs. The company's segments are: beverage packaging, North and Central America, beverage packaging, South America, and beverage packaging, Europe, all of which are engaged in manufacturing and selling aluminum beverage containers; and aerospace, which manufactures and sells aerospace and other related products and provides services used in the defense, civil space and commercial space industries.
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