Ball Corporation completed its acquisition of the remaining 39.9 percent minority interest in Latapack-Ball Embalagens Ltda., which supplies beverage cans and ends to the local Brazilian market.
Latapack-Ball was founded in 1995 and was one of the most successful joint ventures in Ball's history. Approximately 5.7 million Ball common shares were issued to the main joint venture partner, Participações Industriais do Nordeste S.A. (PIN), for its controlling ownership in Latapack S.A., equivalent to a 38.1 percent economic interest in Latapack-Ball, and $17.4 million of cash was paid to the smaller joint venture partner, in exchange for their respective interests in the former joint venture. Ball is pleased to welcome PIN as a large and important shareholder.
"As a global metal beverage packaging supplier, we must remain close to our customers, provide exceptional service and ensure that metal packaging remains cost competitive over the long term," said John A. Hayes, chairman, president and CEO. "This acquisition allows us to streamline our business, utilize Ball's best practices and gain supply chain efficiencies across our global footprint."