Crown sells its Plastic Closures business
Deal closed at a aggregate purchase price of approximately US $750 million.
13/10/05 Crown Holdings, Inc. has announced that it has completed the previously announced sale of its Global Plastic Closures business to an affiliate of PAI partners, a European private equity firm, for an aggregate purchase price of approximately US $750 million, which includes the assumption of certain liabilities.
Net cash proceeds from the sale were approximately US $690 million, which is subject to final working capital, net debt and certain other adjustments. Crown expects to use the net proceeds of the sale for general corporate purposes including the repayment of debt.
Crown Holdings, Inc., through its affiliated companies, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.
