Ball to Acquire Remaining Interest in Brazilian JV

Ball Corporation reached an agreement with its joint venture partners in Brazil to acquire their remaining 39.9% minority interest in the Latapack-Ball beverage can business in exchange for the issuance of 6 million Ball common shares.
 
The joint venture, established in 1995, supplies cans and ends to the Brazilian market from four manufacturing facilities. The local business has grown over the years as local customers’ packaging mix continues to shift to metal beverage cans.
 
“Latapack-Ball is one of the most successful joint ventures in our company’s history, and this exchange allows us to further leverage, simplify and streamline our business and business decision-making in Brazil, as well as across the broader Ball metal beverage business,” said John A. Hayes, chairman, president and CEO
 
The transaction is subject to customary approvals and is expected to close no later than the first quarter of 2016. Ball looks forward to working directly and efficiently with Brazil’s Tribunal of Administrative Council for Economic Defense to address any remaining competition concerns regarding Ball’s proposed offer for Rexam PLC.