Ball Corporation completed today its acquisition of Guangdong Jianlibao Group Co. Ltd.'s 65 percent interest in a joint venture metal beverage can and end plant in Sanshui, China, after obtaining necessary approvals and clearances from the Chinese government. Ball owned 35 percent of the joint venture plant since 1992.
Ball acquired the plant and related assets for approximately $90 million in cash. The company also entered into a long-term supply agreement with Jianlibao and its affiliate, Foshan Sanshui Jianlibao Trading Co., Ltd. Ball expects to report an after tax gain of approximately $25 million in the second quarter of 2010 on its previous ownership interest in the joint venture, subject to the appraisal of the business.
SOURCE: Ball Corporation