PHILADELPHIA, Sept. 7 /PRNewswire-Asia/ -- 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
Tel: +1-215-698-5341
Bisno Communications
Ed Bisno
Tel: +1-212-717-7578
