Wired News – Ball to Form Joint Venture with Platinum Equity

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LONDON, UK / ACCESSWIRE / June 26, 2018 / If you want access to our free research report on Ball Corp. (NYSE: BLL), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BLL as the Company’s latest news hit the wire. On June 22, 2018, the Company declared that it has inked a joint venture (JV) deal with Los Angeles-based investment firm, Platinum Equity, to form Ball Metalpack, which will be a new packaging Company that will manufacture steel containers for aerosol products, food, household consumables, pet food, nutritional, and other products in the United States. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Ball will contribute its US steel food and aerosol packaging manufacturing assets to the JV, including Canton and Columbus, Ohio; Milwaukee and Deforest, Wisconsin; Chestnut Hill, Tennessee; Horsham, Pennsylvania; Springdale, Arkansas; and Oakdale, California.

JV Details

Platinum Equity will own 51% of Ball Metalpack and Ball will own the remaining 49%.
Ball will receive more than $600 million in pre-tax proceeds from the transaction, and will retain a 49% interest in Ball Metalpack, for a total value of approximately $675 million.
Jim Peterson, who currently manages tinplate steel assets, will be the Chief Executive Officer (CEO) of the JV.
The Findlay, Ball’s Ohio facility, will produce two-piece steel food cans for Ball Metalpack under a long-term supply contract.
Both transactions are expected to close in July 2018, with approximately 1,300 employees transferring from Ball to the JV.
Ball will continue to wholly own and operate its aluminum aerosol packaging facilities in the US, Canada, Europe, India, and Mexico; and its steel aerosol facilities in Argentina, as well as the Findlay, Ohio, metal packaging facility, which largely produces aluminum beverage containers.
The Company’s global aluminum aerosol and Argentine tinplate steel aerosol businesses will be led by Stan Platek, Vice President and General Manager, and its financial results will be reported in the ‘Other non-reportable segment’.

Half of the Proceeds from the Sale will be Used to Repurchase Stock

John A. Hayes, Chairman, President, and CEO of Ball, stated that the upfront cash proceeds and the Company’s retained stake in the JV will benefit Ball’s shareholders. This agreement enhances the Company’s ability to immediately return additional value to shareholders via share repurchases, reduce Ball’s leverage, and grow EVA dollars. Hayes added that more than half of the proceeds will be used to repurchase stock, increasing the 2018 share buyback to a new range of $675 million by year-end. Ball’s 2019 financial goals of $2 billion of comparable EBITDA and free cash flow in excess of $1 billion remain unchanged, although they will be slightly more challenging to achieve following the sale of these assets and its related earnings and cash flow.

About Platinum Equity

Established in 1995, Platinum Equity is a global M&A&O® firm specialized in mergers, acquisitions, and operations of companies that provide mission-critical products, services, and solutions in diverse industries. It offers deep in-house resources and flexible acquisition solutions to sellers worldwide.

About Ball Corp.

Founded in 1880 and headquartered in Broomfield, Colorado, Ball supplies innovative, sustainable packaging solutions for beverage, food, and household products customers, as well as aerospace and other technologies and services primarily for the US government.

Stock Performance Snapshot

June 25, 2018 – At Monday’s closing bell, Ball’s stock slightly climbed 0.03%, ending the trading session at $35.92.

Volume traded for the day: 3.09 million shares, which was above the 3-month average volume of 2.75 million shares.

After yesterday’s close, Ball’s market cap was at $12.48 billion.

Price to Earnings (P/E) ratio was at 24.84.

The stock has a dividend yield of 1.11%.

The stock is part of the Consumer Goods sector, categorized under the Packaging & Containers industry.

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