Our rating is supported by Crown’s leadership positions in the oligopolistic metal packaging industry, neck-and-neck with American Ball Corp and Irish Ardagh. The US giant is exposed to stable and non-cyclical end-markets, resulting in strong sales visibility. It has built over time long-standing relationships with clients and diversified geographical coverage, allowing it to preserve its market shares with respect to peers. Furthermore, Crown has included price pass-through mechanisms on the large majority of its contracts, helping to stabilize margins.
Crown Holdings is engaged in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. The company's packaging for consumer goods include steel and aluminum cans for food, beverage, household and other consumer products, glass bottles for beverage products, metal vacuum closures and steel crowns. The company's packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment. The company's products include the SuperEnd? and 360 End? beverage can ends, its Easylift? aperture steel food can ends, and PeelSeam? and PeelFit? aluminum foil laminated ends.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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