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Ball makes move in China
Date: 18/06/2010
Ball Corporation has completed the acquisition of a former joint venture metal beverage packaging plant in China.The company has owned 35% of the joint venture plant since 1992 but has now bought Guangdong Jianlibao Group's 65% interest in the metal beverage can and end plant in Sanshui, China, after obtaining necessary approvals and clearances from the Chinese government.
The total cost of the plant and related assets was approximately $90 million. The company has also entered into a long-term supply agreement with Jianlibao and its affiliate, Foshan Sanshui Jianlibao Trading Company.
Ball is expecting to report an after tax gain of approximately $25 million in the second quarter of 2010 on its previous ownership interest in the joint venture, subject to the appraisal of the business.
In other news, Ball is selling its plastics bottle business to Amcor.
The deal, worth $280 million, includes five plants in the US that make PET bottles and preforms and polypropylene bottles. For the year to the end of March, sales for the division were $589m with pre-tax profits of $10m.
Plastic packaging accounted for about 9% of the company’s 2009 sales.
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