EXHIBIT 99.1
Published on January 28, 2010
Exhibit 99.1
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News
Release
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For
Immediate Release
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http://www.ball.com
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Investor
Contact:
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Ann
T. Scott
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303-460-3537,
ascott@ball.com
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Media
Contact:
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Scott
McCarty
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303-460-2103,
smccarty@ball.com
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Strong
Fourth Quarter Drives
Ball’s 2009 Results
BROOMFIELD,
Colo., Jan. 28, 2010—Ball Corporation [NYSE:BLL] today reported its full-year
2009 net earnings of $387.9 million, or $4.08 per diluted share, on sales of
$7.35 billion, compared to $319.5 million, or $3.29 per diluted share,
on sales of $7.56 billion in 2008.
Fourth
quarter 2009 net earnings were $81.4 million, or 85 cents per diluted
share, on sales of
$1.86 billion, compared to $33.8 million, or 36 cents per diluted share, on
sales of $1.73 billion, in the fourth quarter of 2008.
“On a
comparable basis, our diluted earnings per share of 84 cents in the fourth
quarter increased significantly over diluted earnings per share of 56 cents in
2008, and Ball’s 2009 full-year comparable results of $4.05, compared to $3.61
in the prior year, were a record for our company,” said R. David Hoover,
chairman and chief executive officer. “Volume momentum improved sequentially in
the fourth quarter in our metal beverage and metal food and household products
businesses due largely to increased customer promotional activity, and the four
U.S. metal beverage packaging plants acquired in October were accretive to
earnings in the quarter.”
Full-year
2009 and 2008 results include the effects of business consolidation activities
and related items. Details of the comparable segment earnings can be found in
Notes 1 and 2 to the unaudited consolidated financial
statements that accompany this news release.
“Prior
cost-cutting actions from the rationalization program that began in 2008, a
disciplined approach to managing our price/cost mix and excellent plant
operating performance contributed to improved 2009 results,” said John A. Hayes,
president and chief operating officer for the corporation. “As we continue the
smooth integration of the plants acquired in 2009, it is providing opportunities
to improve our processes and share best practices. We remain focused on
continuing to build momentum in our company.”
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- -
Ball
Corporation
10 Longs
Peak Drive ·
P.O. Box 5000 ·
Broomfield, CO 80021
Ball Corp
- - 2
Metal
Beverage Packaging, Americas & Asia
Metal
beverage packaging, Americas and Asia, comparable segment operating earnings
were $296.0 million in 2009 on sales of $2.89 billion, compared to $284.1
million in 2008 on sales of $2.99 billion. For the fourth quarter, comparable
earnings were $72.1 million on sales of $812.9 million, compared to $55.7
million on sales of $684.7 million in 2008.
Cost
savings from prior plant rationalizations, the positive impact of the acquired
metal beverage packaging plants and better plant efficiencies all contributed to
improved results. During the fourth quarter, Ball announced an agreement to
acquire a partner’s interest in a joint venture metal beverage can and end plant
in southern China. The transaction is expected to close in 2010, subject to
customary regulatory approvals. In Brazil, the company’s new joint venture
beverage can plant near Rio de Janeiro started up successfully in November and
began supplying cans to customers.
Metal
Beverage Packaging, Europe
Metal
beverage packaging, Europe, segment results in 2009 were operating earnings of
$214.8 million on sales of $1.74 billion, compared to $230.9 million on sales of
$1.87 billion in 2008. For the fourth quarter, operating earnings in 2009 were
$50.3 million on sales of $427.1 million, compared to $29.0 million on sales of
$380.8 million in the fourth quarter of 2008.
Better
results in the quarter were due largely to strong cost containment measures and
a favorable currency conversion from a stronger euro to the U.S. dollar compared
to 2008. The company continues to manage its European business to efficiently
balance regional supply with customer demand.
Metal
Food & Household Products Packaging, Americas
Metal
food and household products packaging, Americas, comparable segment results for
2009 were operating earnings of $130.8 million on sales of $1.39 billion,
compared to $68.1 million in 2008 on sales of $1.22 billion. For the fourth
quarter of 2009, comparable segment results were operating earnings of $18.3
million on sales of $326.4 million, compared to $23.2 million on sales of $309.4
million in the same period of 2008. The company’s fourth quarter 2008 results
benefited from significant pre-buying by customers ahead of a 2009 steel price
increase and the favorable resolution of a $6.8 million claim recorded in the
fourth quarter of 2008.
Exceptional
plant performance, metal inventory holding gains, a disciplined approach to cost
recovery and cost savings stemming from prior plant rationalizations all
contributed to improved full-year results.
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Ball
Corporation
10 Longs
Peak Drive ·
P.O. Box 5000 ·
Broomfield, CO 80021
Ball Corp
- - 3
Plastic
Packaging, Americas
Plastic
packaging, Americas, comparable segment results for 2009 were operating earnings
of $16.3 million on sales of $634.9 million, compared to $15.8 million on sales
of $735.4 million in 2008. For the fourth quarter, comparable segment results
were operating earnings of $1.1 million on sales of $136.8 million, compared to
breaking even in the fourth quarter of 2008 on sales of $161.4
million.
The
segment managed flat operating earnings in the quarter and for the full year
despite double-digit declines in volumes and related production curtailments.
During 2009 the company closed two, small PET packaging plants and consolidated
that business into larger manufacturing facilities.
Aerospace
and Technologies
Aerospace
and technologies comparable segment results were operating earnings of $61.4
million on sales of $689.2 million in 2009, compared to $76.2 million on sales
of $746.5 million in 2008. For the fourth quarter, earnings were $15.8 million
on sales of $161.2 million, compared to $20.2 million on sales of $196.5 million
in the quarter in 2008. Backlog at the close of the year was $517.8
million.
Pressure
on the U.S. federal budget has continued to slow the contract award cycle on
traditional space hardware programs, however, the number of outstanding Ball
Aerospace proposals increased in the second half of the year. Increased demand
for antenna and video technologies and for information services to support
defense intelligence organizations contributed to second half
results.
Outlook
“We were
pleased with our strong finish in 2009,” Hoover said. “While prior year
inventory gains make beating last year’s first quarter earnings difficult, we
expect full-year 2010 earnings to be above those of 2009.”
In 2009,
Ball generated $373 million in free cash flow after an incremental pension
contribution of $14 million. The company expects 2010 free cash flow of more
than half a billion dollars after capital spending of approximately $235
million.
“After
making a nearly $600 million acquisition, our net debt increased by only $103
million year-over-year due to our strong cash flow generation in 2009,” said
Scott C. Morrison, senior vice president, chief financial officer and treasurer.
“Credit ratios at the end of the year were better than at the start of
2009.”
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- -
Ball
Corporation
10 Longs
Peak Drive ·
P.O. Box 5000 ·
Broomfield, CO 80021
Ball Corp
- - 4
Ball
Corporation is a supplier of high-quality metal and plastic packaging for
beverage, food and household products customers, and of aerospace and other
technologies and services, primarily for the U.S. government. Ball Corporation
and its subsidiaries employ more than 14,500 people worldwide and reported 2009
sales of more than $7.3 billion.
Conference Call
Details
Ball
Corporation (NYSE: BLL) will hold its regular quarterly conference call on the
company’s results and performance today at 8 a.m. Mountain Time (10 a.m. Eastern
Time).The North American toll-free number for the call is 800-732-6870.
International callers should dial 212-231-2907. Please use the following URL for
a Web cast of the live call: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=115234&eventID=2639669.
For those
unable to listen to the live call, a taped replay will be available after the
call’s conclusion until noon Eastern Time on Feb. 4, 2010. To access the replay,
call 800-633-8284 (North American callers) or 402-977-9140 (international
callers) and use reservation number 21450837. A written transcript of the call
will be posted within 48 hours of the call’s conclusion to Ball’s Web site at
www.ball.com in the investors section under “presentations.”
Forward-Looking
Statements
This
release contains “forward-looking” statements concerning future events and
financial performance. Words such as “expects,” “anticipates,” “estimates” and
similar expressions are intended to identify forward-looking statements. Such
statements are subject to risks and uncertainties which could cause actual
results to differ materially from those expressed or implied. The company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Key risks and uncertainties are summarized in filings with the Securities and
Exchange Commission, including Exhibit 99.2 in our Form 10-K, which are
available at our Web site and at www.sec.gov. Factors
that might affect our packaging segments include fluctuation in product demand
and preferences; availability and cost of raw materials; competitive packaging
availability, pricing and substitution; changes in climate and weather; crop
yields; competitive activity; failure to achieve anticipated productivity
improvements or production cost reductions; mandatory deposit or other
restrictive packaging laws; changes in major customer or supplier contracts or
loss of a major customer or supplier; and changes in foreign exchange rates or
tax rates. Factors that might affect our aerospace segment include: funding,
authorization, availability and returns of government and commercial contracts;
and delays, extensions and technical uncertainties affecting segment contracts.
Factors that might affect the company as a whole include those listed plus:
accounting changes; changes in senior management; the current global recession
and its effects on liquidity, credit risk, asset values and the economy;
successful or unsuccessful acquisitions, joint ventures or divestitures;
integration of recently acquired businesses; regulatory action or laws including
tax, environmental, health and workplace safety, including in respect of climate
change, or chemicals or substances used in raw materials or in the manufacturing
process; governmental investigations; technological developments and
innovations; goodwill impairment; antitrust, patent and other litigation;
strikes; labor cost changes; rates of return projected and earned on assets of
the company’s defined benefit retirement plans; pension changes; reduced cash
flow; interest rates affecting our debt; and changes to unaudited results due to
statutory audits or other effects.
# #
#
Ball
Corporation
10 Longs
Peak Drive ·
P.O. Box 5000 ·
Broomfield, CO 80021
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Condensed
Financials (December
2009)
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Unaudited
Statements of Consolidated Earnings
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Three
months ended
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Year
ended
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|||||||||||||||
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December 31,
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December 31,
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($
in millions, except per share amounts)
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2009
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2008
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2009
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2008
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||||||||||||
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Net
sales (Note 1)
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$ | 1,864.4 | $ | 1,732.8 | $ | 7,345.3 | $ | 7,561.5 | ||||||||
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Costs
and expenses
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||||||||||||||||
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Cost of sales (excluding
depreciation)
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1,556.1 | 1,484.3 | 6,071.5 | 6,340.4 | ||||||||||||
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Depreciation and
amortization
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78.7 | 72.7 | 285.2 | 297.4 | ||||||||||||
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Selling, general and
administrative
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88.7 | 60.6 | 328.6 | 288.2 | ||||||||||||
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Business consolidation and
other activities (Note 2)
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(2.3 | ) | 31.5 | 44.5 | 52.1 | |||||||||||
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Gain on dispositions
(Note 2)
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(4.3 | ) | – | (39.1 | ) | (7.1 | ) | |||||||||
| 1,716.9 | 1,649.1 | 6,690.7 | 6,971.0 | |||||||||||||
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Earnings
before interest and taxes (Note 1)
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147.5 | 83.7 | 654.6 | 590.5 | ||||||||||||
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Total interest
expense
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(37.8 | ) | (33.7 | ) | (117.2 | ) | (137.7 | ) | ||||||||
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Tax provision
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(34.0 | ) | (19.0 | ) | (162.8 | ) | (147.4 | ) | ||||||||
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Equity in results of
affiliates
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5.8 | 2.9 | 13.8 | 14.5 | ||||||||||||
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Net
earnings
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$ | 81.5 | $ | 33.9 | $ | 388.4 | $ | 319.9 | ||||||||
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Less net earnings attributable
to noncontrolling interests
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(0.1 | ) | (0.1 | ) | (0.5 | ) | (0.4 | ) | ||||||||
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Net
earnings attributable to Ball Corporation
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$ | 81.4 | $ | 33.8 | $ | 387.9 | $ | 319.5 | ||||||||
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Earnings per share (Note
2):
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Basic
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$ | 0.87 | $ | 0.36 | $ | 4.14 | $ | 3.33 | ||||||||
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Diluted
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$ | 0.85 | $ | 0.36 | $ | 4.08 | $ | 3.29 | ||||||||
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Weighted
average shares outstanding (000s):
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Basic
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93,851 | 94,022 | 93,786 | 95,857 | ||||||||||||
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Diluted
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95,285 | 95,019 | 94,989 | 97,019 | ||||||||||||
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Condensed
Financials (December
2009)
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||||||||||||||||
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Unaudited
Statements of Consolidated Cash Flows
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Three
months ended
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Year
ended
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December
31,
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December
31,
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($
in millions)
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2009
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2008
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2009
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2008
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Cash
Flows From Operating Activities:
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Net earnings
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$ | 81.5 | $ | 33.9 | $ | 388.4 | $ | 319.9 | ||||||||
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Depreciation and
amortization
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78.7 | 72.7 | 285.2 | 297.4 | ||||||||||||
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Business consolidation and
other activities (Note 2)
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(6.4 | ) | 31.5 | 29.8 | 52.1 | |||||||||||
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Gain on
dispositions (Note 2)
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(4.3 | ) | – | (39.1 | ) | (7.1 | ) | |||||||||
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Income taxes
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(50.3 | ) | 11.4 | (37.5 | ) | 27.1 | ||||||||||
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Legal
settlement
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– | – | – | (70.3 | ) | |||||||||||
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Other changes in working
capital
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447.2 | 332.7 | (81.6 | ) | (16.8 | ) | ||||||||||
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Other
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7.2 | 7.0 | 14.5 | 25.3 | ||||||||||||
| 553.6 | 489.2 | 559.7 | 627.6 | |||||||||||||
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Cash
Flows From Investing Activities:
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||||||||||||||||
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Additions to property, plant
and equipment
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(45.8 | ) | (76.1 | ) | (187.1 | ) | (306.9 | ) | ||||||||
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Business acquisition (Note
3)
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(574.7 | ) | – | (574.7 | ) | – | ||||||||||
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Proceeds from dispositions
(Note 2)
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32.0 | – | 69.0 | 8.7 | ||||||||||||
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Cash collateral deposits,
net
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19.6 | (105.5 | ) | 105.3 | (105.5 | ) | ||||||||||
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Other
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5.4 | (24.1 | ) | 6.1 | (14.3 | ) | ||||||||||
| (563.5 | ) | (205.7 | ) | (581.4 | ) | (418.0 | ) | |||||||||
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Cash
Flows From Financing Activities:
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||||||||||||||||
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Net change in
borrowings
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(183.8 | ) | (188.8 | ) | 147.9 | 127.3 | ||||||||||
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Debt issuance
costs
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(0.1 | ) | – | (12.2 | ) | – | ||||||||||
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Purchases of common stock,
net
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(7.3 | ) | (42.1 | ) | (5.1 | ) | (299.6 | ) | ||||||||
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Dividends
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(9.3 | ) | (9.2 | ) | (37.4 | ) | (37.5 | ) | ||||||||
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Other
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1.1 | 0.8 | 7.6 | 4.3 | ||||||||||||
| (199.4 | ) | (239.3 | ) | 100.8 | (205.5 | ) | ||||||||||
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Effect
of exchange rate changes on cash
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1.8 | (30.7 | ) | 4.1 | (28.3 | ) | ||||||||||
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Change
in cash
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(207.5 | ) | 13.5 | 83.2 | (24.2 | ) | ||||||||||
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Cash–beginning
of period
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418.1 | 113.9 | 127.4 | 151.6 | ||||||||||||
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Cash–end
of period
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$ | 210.6 | $ | 127.4 | $ | 210.6 | $ | 127.4 | ||||||||
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Condensed
Financials (December
2009)
|
||||||||
|
Unaudited
Consolidated Balance Sheets
|
||||||||
|
December
31,
|
December
31,
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|||||||
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($
in millions)
|
2009
|
2008
|
||||||
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Assets
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||||||||
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Current
assets
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||||||||
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Cash and cash
equivalents
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$ | 210.6 | $ | 127.4 | ||||
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Receivables,
net
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548.2 | 507.9 | ||||||
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Inventories,
net
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944.2 | 974.2 | ||||||
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Cash collateral –
receivable
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14.2 | 229.5 | ||||||
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Deferred taxes and other
current assets
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206.1 | 326.3 | ||||||
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Total current
assets
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1,923.3 | 2,165.3 | ||||||
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Property,
plant and equipment, net
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1,949.0 | 1,866.9 | ||||||
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Goodwill
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2,114.8 | 1,825.5 | ||||||
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Other
assets, net
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501.2 | 511.0 | ||||||
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Total assets
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$ | 6,488.3 | $ | 6,368.7 | ||||
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Liabilities
and Shareholders’ Equity
|
||||||||
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Current
liabilities
|
||||||||
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Short-term debt and current
portion of long-term debt
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$ | 312.3 | $ | 303.0 | ||||
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Cash collateral –
liability
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14.2 | 124.0 | ||||||
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Payables and accrued
liabilities
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1,102.1 | 1,435.4 | ||||||
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Total current
liabilities
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1,428.6 | 1,862.4 | ||||||
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Long-term
debt
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2,283.9 | 2,107.1 | ||||||
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Other
long-term liabilities
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1,192.8 | 1,311.9 | ||||||
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Shareholders’
equity
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1,583.0 | 1,087.3 | ||||||
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Total liabilities and
shareholders’ equity
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$ | 6,488.3 | $ | 6,368.7 | ||||
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Unaudited
Notes to Condensed Financials (December
2009)
|
|
1. Business Segment
Information
|
|
Three
months ended
|
Year
ended
|
|||||||||||||||
|
December
31,
|
December
31,
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|||||||||||||||
|
($
in millions)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
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Sales–
|
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Metal beverage packaging,
Americas & Asia
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$ | 812.9 | $ | 684.7 | $ | 2,888.8 | $ | 2,989.5 | ||||||||
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Metal beverage packaging,
Europe
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427.1 | 380.8 | 1,739.5 | 1,868.7 | ||||||||||||
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Metal food & household
packaging, Americas
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326.4 | 309.4 | 1,392.9 | 1,221.4 | ||||||||||||
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Plastic packaging,
Americas
|
136.8 | 161.4 | 634.9 | 735.4 | ||||||||||||
|
Aerospace &
technologies
|
161.2 | 196.5 | 689.2 | 746.5 | ||||||||||||
|
Net sales
|
$ | 1,864.4 | $ | 1,732.8 | $ | 7,345.3 | $ | 7,561.5 | ||||||||
|
Earnings
before interest and taxes–
|
||||||||||||||||
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Metal beverage packaging,
Americas & Asia
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$ | 72.1 | $ | 55.7 | $ | 296.0 | $ | 284.1 | ||||||||
|
Business consolidation
activities (Note 2)
|
2.5 | (36.6 | ) | (6.8 | ) | (40.6 | ) | |||||||||
|
Total metal beverage packaging,
Americas & Asia
|
74.6 | 19.1 | 289.2 | 243.5 | ||||||||||||
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Metal beverage packaging,
Europe
|
50.3 | 29.0 | 214.8 | 230.9 | ||||||||||||
|
Metal
food & household packaging, Americas
|
18.3 | 23.2 | 130.8 | 68.1 | ||||||||||||
|
Business
consolidation activities (Note 2)
|
(2.6 | ) | 6.1 | (2.6 | ) | 1.6 | ||||||||||
|
Total metal food &
household packaging, Americas
|
15.7 | 29.3 | 128.2 | 69.7 | ||||||||||||
|
Plastic packaging,
Americas
|
1.1 | – | 16.3 | 15.8 | ||||||||||||
|
Business consolidation
activities (Note 2)
|
0.7 | – | (23.8 | ) | (8.3 | ) | ||||||||||
|
Gain on disposition (Note
2)
|
4.3 | – | 4.3 | – | ||||||||||||
|
Total plastic packaging,
Americas
|
6.1 | – | (3.2 | ) | 7.5 | |||||||||||
|
Aerospace &
technologies
|
15.8 | 20.2 | 61.4 | 76.2 | ||||||||||||
|
Gain on disposition
(Note 2)
|
– | – | – | 7.1 | ||||||||||||
|
Total aerospace &
technologies
|
15.8 | 20.2 | 61.4 | 83.3 | ||||||||||||
|
Segment earnings before
interest and taxes
|
162.5 | 97.6 | 690.4 | 634.9 | ||||||||||||
|
Undistributed corporate costs,
net
|
(16.7 | ) | (12.9 | ) | (59.3 | ) | (39.6 | ) | ||||||||
|
Gain on disposition
(Note 2)
|
– | – | 34.8 | – | ||||||||||||
|
Business consolidation and
other activities (Note 2)
|
1.7 | (1.0 | ) | (11.3 | ) | (4.8 | ) | |||||||||
|
Total undistributed corporate
costs, net
|
(15.0 | ) | (13.9 | ) | (35.8 | ) | (44.4 | ) | ||||||||
|
Earnings before interest and
taxes
|
$ | 147.5 | $ | 83.7 | $ | 654.6 | $ | 590.5 | ||||||||
|
Unaudited
Notes to Condensed Financials (December
2009)
|
|
2. Business Consolidation Activities
and Other Significant Items
|
2009
In the
first quarter, a restructuring charge of $5 million ($3.1 million
after tax) was recorded for accelerated depreciation in connection with the
closure of a North American metal beverage plant.
In the
second quarter the following significant activities occurred:
|
●
|
The
company recorded restructuring charges of $16.2 million
($9.8 million after tax) for the closure of two plastic packaging
manufacturing plants, administrative downsizing in our North American
metal beverage business and clean-up costs related to previously closed
and sold facilities.
|
|
|
●
|
The
company sold a portion of its interest in DigitalGlobe for proceeds of
approximately $37 million. As a result of this
transaction, a gain of $34.8 million ($30.7 million after tax)
was recorded in corporate costs.
|
|
|
●
|
The
company recorded $2.9 million ($1.8 million after tax) for
transaction costs pertaining to the acquisition discussed in
Note 3.
|
In the
third quarter, restructuring charges of $13.6 million ($8.8 million
after tax) were recorded for accelerated depreciation and other costs primarily
related to the closure of the two plastic manufacturing plants announced in the
second quarter. Also in the third quarter, an additional
$9.1 million ($5.5 million after tax) of acquisition transaction costs
were recorded.
In
October the company sold a plastic pail manufacturing plant located in Georgia
for $32.6 million and recorded a pretax gain of $4.3 million
($0.3 million loss after tax) related to the sale.
Also in
the fourth quarter, a gain of $2.1 million ($1.3 million after tax)
was recorded primarily related to the recovery of business consolidation costs
previously expensed for various plant closures. Total acquisition
costs for 2009 were $11.8 million ($7.2 million after
tax). See Note 3 for further details on Ball’s
acquisitions.
2008
On
October 30, 2008, the company announced the closure of two North American
metal beverage can plants. A $41.7 million ($25.8 million
after tax) business consolidation charge was recorded in the fourth quarter,
primarily for employee severance costs, accelerated depreciation and the write
down of assets to net realizable value. A gain of $10.2 million
($6.2 million after tax) was also recorded to reflect the recovery of
business consolidation costs previously expensed. Cost reductions
associated with these plant closings are expected to be $7 million cash
positive upon final disposition of the assets.
In prior
quarters, charges totaling $20.6 million ($15.3 million after tax)
were recorded for business consolidation activities, primarily for the closure
of a metal beverage packaging plant in Kent, Wash., and a plastic packaging
plant in Brampton, Ontario. In addition, Ball Aerospace completed the
sale of a subsidiary for $10.5 million that resulted in a gain of
$7.1 million ($4.4 million after tax).
A
summary of the effects of the above transactions on after-tax earnings
follows:
|
Three
months ended
|
Year
ended
|
|||||||||||||||
|
December
31,
|
December
31,
|
|||||||||||||||
|
($
in millions, except per share amounts)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Net
earnings as reported
|
$ | 81.4 | $ | 33.8 | $ | 387.9 | $ | 319.5 | ||||||||
|
Business
consolidation costs, net of tax
|
(1.3 | ) | 19.6 | 20.4 | 34.9 | |||||||||||
|
(Gain)
loss on dispositions, net of tax
|
0.3 | – | (30.4 | ) | (4.4 | ) | ||||||||||
|
Acquisition
transaction costs, net of tax
|
(0.1 | ) | – | 7.2 | – | |||||||||||
|
Net earnings before above
transactions
|
$ | 80.3 | $ | 53.4 | $ | 385.1 | $ | 350.0 | ||||||||
|
Per diluted share before above
transactions
|
$ | 0.84 | $ | 0.56 | $ | 4.05 | $ | 3.61 | ||||||||
|
Unaudited
Notes to Condensed Financials (December
2009)
|
|
2. Business Consolidation Activities
and Other Significant Items (cont’d)
|
Ball’s
management segregates the above items to evaluate the performance of the
company’s operations. The information is presented on a non-U.S. GAAP
basis and should be considered in connection with the unaudited statements of
consolidated earnings. Non-U.S. GAAP measures should not be
considered in isolation and should not be considered superior to, or a
substitute for, financial measures calculated in accordance with U.S.
GAAP.
|
3. Acquisitions
|
On
October 1, 2009, the company acquired four plants from Anheuser-Busch InBev
for $577 million, subject to customary post-closing
adjustments. The plants consist of three beverage can manufacturing
plants and one beverage can end plant, all of which are located in the
U.S. These plants produce about 10 billion aluminum cans and
10 billion easy-open ends annually.
Ball
announced on November 9, 2009, that it agreed to acquire Guangdong
Jianlibao Group Co., Ltd’s 65 percent interest in a joint venture metal
beverage can and end plant in Sanshui, China. Ball has owned 35
percent of the joint venture since 1992. Ball will acquire the plant
and related assets for approximately $90 million in cash and assumed
debt. The transaction is expected to close in 2010, subject to
customary regulatory approvals.