{"id":473911,"date":"2021-04-08T16:33:24","date_gmt":"2021-04-08T20:33:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=473911"},"modified":"2021-04-08T16:33:24","modified_gmt":"2021-04-08T20:33:24","slug":"crown-holdings-inc-announces-sale-of-its-european-tinplate-business-to-kps-capital-partners-lp","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/crown-holdings-inc-announces-sale-of-its-european-tinplate-business-to-kps-capital-partners-lp\/","title":{"rendered":"Crown Holdings, Inc. Announces Sale Of Its European Tinplate Business To KPS Capital Partners, LP"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">&#8211; Announces agreement to sell 80% of its European Tinplate business to KPS Capital Partners that values the enterprise at \u20ac2.250 billion (approximately $2.7 billion)<\/h2>\n<h2 class=\"xn-hedline\">&#8211; Net proceeds to be used for debt reduction, beverage can capital projects and share repurchases over time<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">YARDLEY, Pa.<\/span>, <span class=\"xn-chron\">April 8, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Crown Holdings, Inc. (NYSE: CCK) (Crown) announced today that it has entered into a definitive agreement to sell its European Tinplate business to KPS Capital Partners, LP.\u00a0 Crown will receive pre-tax proceeds of approximately \u20ac1.9 billion from the transaction and will retain a 20% ownership stake in the business.\u00a0 The European Tinplate business comprises 44 manufacturing facilities in 17 countries in <span class=\"xn-location\">Europe<\/span>, the <span class=\"xn-location\">Middle East<\/span> and <span class=\"xn-location\">Africa<\/span> which produce food cans and ends, aerosol cans, metal closures and promotional packaging for various consumer brands.\u00a0 In 2020, the business generated \u20ac1.9 billion in revenue and approximately \u20ac220 million in estimated standalone EBITDA and had approximately 6,300 employees.<\/p>\n<p>&#8220;We are very pleased that the European Tinplate business will have a strong owner in KPS Capital Partners to support future profitable growth and innovation initiatives.\u00a0 European customers and consumers alike have long embraced metal packaging, valuing the premium product protection and flavor preservation that it offers.\u00a0 The infinitely recyclable food can is unrivaled from a sustainability standpoint, helping eliminate over one billion liters a year in food waste.\u00a0 We are excited to retain a minority stake in the business alongside KPS as Crown shareholders will benefit from the KPS team and its track record of owning manufacturing companies and creating tremendous value,&#8221; commented <span class=\"xn-person\">Timothy J. Donahue<\/span>, President and Chief Executive Officer.<\/p>\n<p>\n        <span class=\"xn-person\">Michael Psaros<\/span>, Co-Founder and Co-Managing Partner of KPS, said, &#8220;We are excited to acquire one of the largest metal packaging businesses in Europe.\u00a0 The size and scale of the business, the breadth of its products and its critical food safety technology and process disciplines developed over decades, coupled with growing end-markets, are the foundation of a tremendous investment platform.\u00a0 We thank Mr. Donahue and Crown for their confidence in KPS and trust in our stewardship of the extraordinary business they have built.&#8221;<\/p>\n<p>Crown expects to use the net proceeds, after closing working capital adjustments, taxes and other transaction related costs,\u00a0to further reduce debt, fund capital projects and repurchase shares over time under its recent <span class=\"xn-money\">$1.5 billion<\/span> authorization dated <span class=\"xn-chron\">February 25<\/span>, 2021.\u00a0 For illustrative purposes only, and assuming all net proceeds of the transaction were used to reduce debt, the Company&#8217;s estimated pro forma adjusted net leverage ratio at the end of 2021 (excluding all 2021 EBITDA related to the European Tinplate business) would be 2.9x compared to the 3.9x at <span class=\"xn-chron\">December 31, 2020<\/span>.<\/p>\n<p>The sale of the European Tinplate business is expected to close during the third quarter of 2021 and is subject to certain regulatory approvals and customary closing conditions.<\/p>\n<p>Evercore acted as exclusive financial advisor to Crown.<\/p>\n<p>As previously announced, the Company will release its earnings for the first quarter ended <span class=\"xn-chron\">March 31, 2021<\/span> after the close of trading on the New York Stock Exchange on <span class=\"xn-chron\">Monday, April 19<\/span>, 2021.\u00a0 The Company will hold a conference call to discuss those results at <span class=\"xn-chron\">9:00 a.m. (EDT) on Tuesday<\/span>, April 20, 2021.\u00a0 The Company will have no further comment regarding the sale of the European Tinplate business beyond this news release until its earnings call on <span class=\"xn-chron\">April 20, 2021<\/span>.<\/p>\n<p>\n        <b>About Crown Holdings, Inc.<br \/><\/b>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. \u00a0World headquarters are located in <span class=\"xn-location\">Yardley, Pennsylvania<\/span>. \u00a0For\u00a0more information, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122329-1&amp;h=2361115692&amp;u=http%3A%2F%2Fwww.crowncork.com%2F&amp;a=www.crowncork.com\" rel=\"nofollow noopener noreferrer\">www.crowncork.com<\/a>. <\/p>\n<p>\n        <b>About KPS Capital Partners<br \/><\/b>KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with over <span class=\"xn-money\">$12.3 billion<\/span> of assets under management (as of <span class=\"xn-chron\">December 31<\/span>, 2020).\u00a0 For nearly three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer healthcare and luxury products, automotive parts, capital equipment and general manufacturing.\u00a0 KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds&#8217; portfolio companies have aggregate annual revenues of approximately <span class=\"xn-money\">$10.6 billion<\/span>, operate 159 manufacturing facilities in 22 countries, and have approximately 34,000 employees, directly and through joint ventures worldwide.<\/p>\n<p>\n        <b>Cautionary Note Regarding Forward-Looking Statements<br \/><\/b>Except for historical information, all other information in this press release consists of forward-looking statements. \u00a0These forward-looking statements involve a number of risks, uncertainties and other factors, including the Company&#8217;s ability to close the transaction in the third quarter of 2021, or at all; whether the transaction will be approved by the competition authorities in relevant jurisdictions; the number of its shares the Company may repurchase and the price at which those shares may be repurchased; the future value, if any, to Crown shareholders of the 20% retained ownership interest in the business; and the impact of the transaction on the Company&#8217;s earnings and cash flow. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of Crown to differ are discussed under the caption &#8220;Forward Looking Statements&#8221; in Crown&#8217;s Form 10-K Annual Report for the year ended\u00a0December 31, 2020\u00a0and in subsequent filings made prior to or after the date hereof. \u00a0Crown does not intend to review or revise any particular forward-looking statement in light of future events.<\/p>\n<p>\n        <b>For more information, contact: <br \/><\/b><br \/>\n        <span class=\"xn-person\">Thomas A. Kelly<\/span>, Senior Vice President and Chief Financial Officer, (215) 698-5341<br \/><span class=\"xn-person\">Thomas T. Fischer<\/span>, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=PH35734&amp;sd=2021-04-08\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/crown-holdings-inc-announces-sale-of-its-european-tinplate-business-to-kps-capital-partners-lp-301265447.html\">http:\/\/www.prnewswire.com\/news-releases\/crown-holdings-inc-announces-sale-of-its-european-tinplate-business-to-kps-capital-partners-lp-301265447.html<\/a><\/p>\n<p>SOURCE  Crown Holdings, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=PH35734&amp;Transmission_Id=202104081630PR_NEWS_USPR_____PH35734&amp;DateId=20210408\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Announces agreement to sell 80% of its European Tinplate business to KPS Capital Partners that values the enterprise at \u20ac2.250 billion (approximately $2.7 billion) &#8211; Net proceeds to be used for debt reduction, beverage can capital projects and share repurchases over time PR Newswire YARDLEY, Pa., April 8, 2021 \/PRNewswire\/ &#8212;\u00a0Crown Holdings, Inc. (NYSE: CCK) (Crown) announced today that it has entered into a definitive agreement to sell its European Tinplate business to KPS Capital Partners, LP.\u00a0 Crown will receive pre-tax proceeds of approximately \u20ac1.9 billion from the transaction and will retain a 20% ownership stake in the business.\u00a0 The European Tinplate business comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa which produce &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/crown-holdings-inc-announces-sale-of-its-european-tinplate-business-to-kps-capital-partners-lp\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Crown Holdings, Inc. Announces Sale Of Its European Tinplate Business To KPS Capital Partners, LP&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-473911","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crown Holdings, Inc. Announces Sale Of Its European Tinplate Business To KPS Capital Partners, LP - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/crown-holdings-inc-announces-sale-of-its-european-tinplate-business-to-kps-capital-partners-lp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crown Holdings, Inc. Announces Sale Of Its European Tinplate Business To KPS Capital Partners, LP - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"&#8211; Announces agreement to sell 80% of its European Tinplate business to KPS Capital Partners that values the enterprise at \u20ac2.250 billion (approximately $2.7 billion) &#8211; Net proceeds to be used for debt reduction, beverage can capital projects and share repurchases over time PR Newswire YARDLEY, Pa., April 8, 2021 \/PRNewswire\/ &#8212;\u00a0Crown Holdings, Inc. (NYSE: CCK) (Crown) announced today that it has entered into a definitive agreement to sell its European Tinplate business to KPS Capital Partners, LP.\u00a0 Crown will receive pre-tax proceeds of approximately \u20ac1.9 billion from the transaction and will retain a 20% ownership stake in the business.\u00a0 The European Tinplate business comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa which produce &hellip; Continue reading &quot;Crown Holdings, Inc. 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(NYSE: CCK) (Crown) announced today that it has entered into a definitive agreement to sell its European Tinplate business to KPS Capital Partners, LP.\u00a0 Crown will receive pre-tax proceeds of approximately \u20ac1.9 billion from the transaction and will retain a 20% ownership stake in the business.\u00a0 The European Tinplate business comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa which produce &hellip; Continue reading \"Crown Holdings, Inc. 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