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Crown to sell majority stake in European packaging unit in $2.7 billion deal

04/08/2021 | 05:29pm EDT

(Reuters) - Crown Holdings Inc has agreed to sell 80% of its European tinplate business to private equity firm KPS Capital Partners in a deal valued at 2.25 billion euros ($2.68 billion), the packaging products supplier said on Thursday.

The company said it would receive pre-tax proceeds of about 1.9 billion euros from the deal, which it would use to reduce debt and buy back shares.

The unit for sale comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa and produces food cans, aerosol cans, and promotional packaging.

Crown said the business, which employs about 6,300 people, brought in 1.9 billion euros in revenue and about 220 million euros in core earnings last year.

As of Dec. 31, Crown and its subsidiaries were saddled with a debt of about $8.3 billion.

Shares in Crown rose 2% in extended trading.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M.)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CROWN HOLDINGS, INC. 1.68% 109 Delayed Quote.6.96%
DOW JONES AFRICA TITANS 50 INDEX 0.08% 540.21 Delayed Quote.1.85%
KPS AG 0.77% 5.24 Delayed Quote.3.17%
S&P AFRICA 40 INDEX 0.01% 175.84 Delayed Quote.1.62%
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