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Slide #12. Crown Holdings — Mivisa Envases
Crown Holdings (NYSE:CCK)
Crown Holdings, Inc. (NYSE: CCK), a global leader in consumer packaging, today announced that it has entered into an agreement to acquire Mivisa Envases, SAU, a leading Spanish manufacturer of two- and three-piece food cans and ends, from certain investment funds managed by affiliates of The Blackstone Group L.P., N+1 Mercapital and management, in a cash transaction valued at 1.2 billion. The acquisition, which is subject to review by the European Commission and other competition authorities, is expected to close during 2014 and to be earnings accretive. Debt financing has been fully committed in support of the transaction.
Crown Holdings is engaged in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. Co.'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. Co.'s packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment. Co.'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.
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Strong Buy (3.59 out of 4)