Press release, February 15, 2006
U.S. Can Corporation Announces Agreement to Divest Its U.S. and Argentinean Operations to Ball Corporation
Lombard, IL - U.S. Can Corporation announced today that it has entered into a definitive agreement to sell its U.S. and Argentinean operations to Ball Corporation (NYSE: BLL) for approximately 1.1 million shares of Ball common stock and the repayment of approximately $550 million of U.S. Can's debt. The current shareholders of U.S. Can will retain its European businesses. The transaction is expected to close by the end of the first quarter, subject to customary closing conditions.
"Ball Corporation is one of the most influential and competitive players in the packaging industry," stated Carl Ferenbach, U.S. Can Chairman and Managing Director of Berkshire Partners, LLC, a private equity firm in Boston. "The sale of these operations from U.S. Can to Ball puts them in very strong hands and assures their continued support and development."
Ball Corporation is a supplier of high-quality metal and plastic packaging products and owns Ball Aerospace & Technologies Corp., which develops sensors, spacecraft, systems and components for government and commercial customers. Ball reported 2005 sales of $5.7 billion and the company employs 13,100 people worldwide.
About U.S. Can Corporation
U.S. Can Corporation is a leading manufacturer of steel containers for personal care, household, automotive, paint and industrial products in the United States and Europe, as well as plastic containers in the United States and food cans in Europe.