An unknown buyer entered into a definitive agreement to acquire Transit Packaging's Kiwiplan business from Crown Holdings, Inc. for approximately $180 million.

An unknown buyer entered into a definitive agreement to acquire Transit Packaging's Kiwiplan business from Crown Holdings, Inc. (NYSE:CCK) for approximately $180 million in October 2021. Kiwiplan generated $39 million and $10 million in revenue and EBITDA, respectively, in 2021. With all regulatory approvals now received, the sale of Kiwiplan is expected to close during the second quarter of 2022, and is subject to customary closing conditions.

Crown Holdings expects to record an after tax gain of approximately $100 million related to the transaction with net proceeds, after taxes and other transaction related costs, expected to be used to further reduce debt, fund capital projects and repurchase shares over time.