Crown Holdings, Inc. today announced the acquisition of Helvetia Packaging AG, a beverage can and end manufacturing facility in Saarlouis, Germany.

The acquisition of the Saarlouis facility will expand Crown's European beverage can platform to Germany with approximately one billion units of annual can capacity. At closing, and as part of the agreement, Crown will assume the existing Helvetia customer base and accompanying contracts. The unmatched sustainability benefits and infinite recyclability of aluminum has led to an increasing preference for beverage cans to serve both the alcoholic and non-alcoholic drinks segments.

"We look forward to welcoming the employees of the Saarlouis facility to the Crown family as we extend our European beverage can network to Germany to better serve the needs of local and regional customers," commented Timothy J. Donahue, Chairman, President and Chief Executive Officer at Crown.

The transaction is subject to approval by German anti-trust authorities and is expected to be completed by the end of 2023. The Saarlouis plant will remain operational throughout the review period. While terms of the agreement are confidential, the impact to the Company's net leverage is negligible. 

 

Source:prnewswire.com

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