Crown Holdings is selling its European tinplate business to the financial investor KPS Capital Partners. However, the US packaging group intends to retain a 20 per cent minority stake in the company. According to Crown, the transaction will generate proceeds of around 1.9 billion euros before tax.
The European tinplate business of Crown comprises 44 production sites in 17 countries in Europe, the Middle East and Africa. They produce food cans and lids, aerosol cans, metal closures and packaging for various consumer brands. According to the company, it generated a turnover of 1.9 billion euros in 2020.
„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. European customers and consumers have long valued metal packaging for the premium product protection and flavour retention it offers.“ Timothy J. Donahue, President and Chief Executive Officer Crown Holdings, Inc.
Also Michael Psaros, co-founder and managing partner of KPS, was delighted with the acquisition and the potential of one of the largest metal packaging companies in Europe: „The size and scale of the company, the breadth of its products and its critical food safety technology and process disciplines developed over decades, coupled with growing end markets, are the basis for a Enormous investment platform."
Tinplate business from Crown
Crown's European tinplate business comprises 44 production facilities in 17 countries in Europe, the Middle East and Africa. They produce food cans and lids, aerosol cans, metal closures and packaging for various consumer brands. According to the company, it generated a turnover of 1.9 billion euros in 2020.
The sale of the European tinplate business is expected to be finalised in the third quarter of 2021. It is still subject to regulatory approvals and customary closing conditions.
Source: Crown Holdings, Inc.
