CROWN HOLDINGS, INC. TO RECEIVE PROCEEDS FROM CLOSING OF EVIOSYS SALE TO SONOCO PRODUCTS COMPANY
Crown Holdings (NYSE: CCK) announced the completion of its strategic divestiture of European Tinplate business, Eviosys, to Sonoco Products Company.
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Rhea-AI Summary
Crown Holdings (NYSE: CCK) announced the completion of its strategic divestiture of European Tinplate business, Eviosys, to Sonoco Products Company. The company will receive net cash proceeds of approximately $300 million for its remaining 20% equity stake in Eviosys.
According to CFO Kevin Clothier, the proceeds will support Crown's objective of achieving a net leverage ratio below 3.0x by year-end, while progressing toward their longer-term target of 2.5x.
Positive
- Receipt of $300 million in cash proceeds from Eviosys stake sale
- Strategic completion of European Tinplate business divestiture
- Expected improvement in net leverage ratio
Negative
- Complete exit from European Tinplate market segment
Details
News Market Reaction – CCK
The recorded move for CCK in the trading session of this news was +0.05%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Commenting on the transaction, Kevin Clothier, Crown's Senior Vice President and Chief Financial Officer, stated, "This completes the strategic divestiture of our European Tinplate business. We are pleased that this transaction has closed in a timely manner, and the proceeds will support our stated objective of ending the year with a net leverage ratio below 3.0x, while continuing to progress toward our longer-term target of 2.5x."
About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in
For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281, or
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
View original content:https://www.prnewswire.com/news-releases/crown-holdings-inc-to-receive-proceeds-from-closing-of-eviosys-sale-to-sonoco-products-company-302322546.html
SOURCE Crown Holdings, Inc.
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