LEADING EUROPEAN PACKAGING BUSINESS TO BECOME INDEPENDENT COMPANY
CROWN HOLDINGS, INC. TO RETAIN 20% OWNERSHIP INTEREST
NEW COMPANY TO FOCUS ON GROWTH IN FOOD AND CONSUMER PRODUCTS MARKETS
NEW YORK, April 8, 2021 /PRNewswire/ --KPS Capital Partners, LP (“KPS“) today announced that it has signed a definitive agreement to acquire the Europe, Middle East and Africa food, aerosol and promotional packaging business (the “EMEA Food and Consumer Packaging Business“ or the “Company“) from Crown Holdings, Inc. (NYSE: CCK, “Crown“) for 2.25 billion (approximately $2.7 billion). Crown will retain 20% ownership of the Company. The transaction is expected to close in the third quarter of 2021 and is subject to customary closing conditions and approvals.
The EMEA Food and Consumer Packaging Business is the largest manufacturer of steel and aluminum food packaging in Europe and is a leading manufacturer of aerosol and promotional packaging. The Company is critical to the European food supply chain and has hundreds of global and regional food and consumer products customers. The Company's products are highly sustainable and help to prevent food waste and drive higher rates of recycling. The EMEA Food and Consumer Packaging Business has approximately 6,300 employees across 44 manufacturing facilities in Europe, the Middle East and Africa, and generates annual revenue of approximately 2.0 billion.