PHILADELPHIA, March 16 /PRNewswire-Asia/ -- Crown Holdings, Inc. (NYSE: CCK), a leading supplier of metal packaging products worldwide, today announced that its subsidiary, CROWN Asia Pacific Holdings Ltd., plans to build a new beverage can plant in Hangzhou, China.
Hangzhou is a city located in the Yangtze River Delta in the People's Republic of China. It is located about 120 miles southwest of Shanghai and is the capital of the Zhejiang province. This ancient city was the capital of the Southern Song Dynasty and has become a modern and vibrant economical center with a population of approximately 7 million people. Zhejiang province has a population of approximately 50 million people.
The new plant in Hangzhou will be sized to accommodate multiple can lines and will have an initial annual production capacity of approximately 600 million 2-piece, 33cl aluminum beverage cans. Capabilities to make other can sizes will be incorporated in the design. Production is expected to commence in the second quarter of 2011.
"Demand for two-piece beverage cans is growing in China and we expect that more customers will decide to make the transition from three-piece to two-piece beverage cans to lower their costs and enhance the quality of their beverage packaging," said Jozef Salaerts, President of Crown's Asia-Pacific Division. "China is an important market for us and we are pleased to expand our capacity with a fifth plant to meet our customers' increased demand."
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 whether demand will continue to grow for two-piece beverage cans in China and elsewhere in Asia, whether the Company can successfully implement its plans to build and commence production at the new Hangzhou plant, and the Company's ability to expand in China, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. 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.
About Crown Holdings
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. Please visit http://www.crowncork.com .
For more information, contact:
In Asia:
Jozef Salaerts, President - Asia-Pacific Division
Tel: +65-62294881
Email: jozef.salaerts@crowncork.com.sg
For Investors:
Thomas A. Kelly, Senior Vice President - Finance
Tel: (215) 698-5341
Ed Bisno, Bisno Communications
Tel: +1-212-717-7578
For editorial inquiries:
Michael F. Dunleavy, Vice President of Corporate Affairs and Public Relations
Tel: +1-215-698-5051
Email: mdunleavy@crowncork.com
