Beverage and food packager Ball Corporation signed an agreement Tuesday to purchase the remaining interest in a joint venture in Brazil Tuesday.
Ball acquired a 39.9 percent minority interest in the Latapack-Ball beverage can business in exchange for 6 million Ball common shares. This acquisition follows years of growth as local customers shift to metal cans.
“Latapack-Ball is one of the most successful joint ventures in our company’s history, and this exchange allows us to further leverage, simplify and streamline our business and business decision-making in Brazil, as well as across the broader Ball metal beverage business,” John A. Hayes, chairman, president and CEO, said. “By contributing their interest into a larger, global opportunity, our partners in Brazil will continue to participate in our future value creation as we better serve our dynamic customer base through increased supply chain efficiencies and optimization of Ball best practices to ensure that beverage cans are economically viable for years to come.”
The transaction is undergoing its approval process and is expected no later than the first quarter of 2016.
Ball Corporation supplies food and beverage packaging as well as aerospace and other technologies. The company employs more than 14,000 people worldwide and reported 2014 sales of $8.6 billion.
