MEDIA RELEASE PR41124
Crown Holdings, Inc. Announces Agreement to Acquire Partner's Interest in Chinese and Vietnamese Joint
Ventures
PHILADELPHIA, Sept. 8 /PRNewswire-AsiaNet/ --
Crown Holdings, Inc. (the "Company") (NYSE: CCK) today announced that it
has entered into agreements to acquire, from affiliates of Swire Pacific
Limited, their 44.57% interest in the holding company for Crown's four joint
venture facilities in China and their 49% interest in the holding company for
Crown's joint venture facility in Hanoi, Vietnam for an aggregate purchase
price of $150 million. Consolidated 2009 net sales for the above operations
was approximately $250 million. Upon consummation of the acquisition, the
holding companies will be wholly-owned subsidiaries of Crown.
"The acquisition, along with our previously announced decisions to expand
production capacity in China and Vietnam, supports Crown's emerging markets
growth initiative in Asia," said John W. Conway, Chairman and Chief Executive
Officer of the Company.
The transaction is subject to certain closing conditions and is expected
to close during the third quarter.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press
release consists of forward-looking statements. These forward-looking
statements involve a number of risks, uncertainties and other factors,
including that the transaction is subject to a number of conditions and
whether the Company can grow in emerging markets, that may cause actual
results to be materially different from those expressed or implied in the
forward-looking statements. There can be no assurance that the acquisition
will be completed on the terms described herein or at all. Important factors
that could cause the statements made in this press release or the actual
results of operations or financial condition of the Company to differ are
discussed under the caption "Forward-Looking Statements" in the Company's
Form 10-K Annual Report for the year ended December 31, 2009 and in
subsequent filings made prior to or after the date hereof. The Company does
not intend to review or revise any particular forward-looking statement in
light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading supplier of
packaging products to consumer marketing companies around the world. World
headquarters are located in Philadelphia, Pennsylvania.
For more information, contact:
Thomas A. Kelly, Senior Vice President - Finance,
(215) 698-5341, or
Ed Bisno, Bisno Communications,
(212) 717-7578.
SOURCE Crown Holdings, Inc.
CONTACT: Thomas A. Kelly, Senior Vice President - Finance,
+1-215-698-5341, or Ed Bisno, Bisno Communications, +1-212-717-7578
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