WESTMINSTER, Col., September 21, 2022 /PRNewswire/ — Following the March 2022 decision to divest the Russian market, Ball Corporation (NYSE: BALL) announced today that it has completed the sale of its beverage packaging business in Russia to Arnest Group for $530 million. The buyer, Arnest Group, has acquired all of Ball Corporation’s Russian operations.
“This decision is the result of many months of deliberation to deliver a solution that best secures the future of Ball’s colleagues and assets Russia. We believe this is a solid result for Ball in these geopolitical circumstances,” he said Dan FischerPresident and CEO of Ball Corporation.
Arnest is the largest manufacturer of perfume, cosmetic and household products in aerosol packaging Russia and Ball’s aluminum aerosol division has had the opportunity to work with Arnest’s world-class team in the past. The completion of this transaction is not subject to any conditions and all necessary approvals have been obtained. The sale is not expected to impact Ball’s outside businesses Russia.
Ball will host its biennial Investor Day management briefing 9:00 a.m. mountain time on 09/22/2022. To hear the event live, use the link below:
About Ball Corporation
Ball Corporation provides innovative, sustainable aluminum packaging solutions for beverage, personal care and household products for customers, as well as aerospace and other technologies and services primarily for the US government. Ball Corporation and its subsidiaries employ 24,300 people worldwide and reported 2021 net sales of $13.8 billion. For more information, visit www.ball.com or connect with us on Facebook or Twitter.
This report contains “forward-looking” statements about future events and financial performance. Words such as “expect,” “anticipate,” “estimate,” “believe,” and similar expressions typically identify forward-looking statements, which generally are any statements that are not statements of historical fact. Such statements are based on current expectations or future prospects and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied. You should not, therefore, place undue reliance on any forward-looking statements and they should be read in conjunction with and qualified in their entirety by the cautionary statements below. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual results and results to differ are summarized in filings with the Securities and Exchange Commission, including Schedule 99 on our Form 10-K, which are available on our website and at www.sec.gov. Additional factors that could affect: a) our packaging segments include product capacity, supply and demand constraints, and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment and logistics; competitive packaging, pricing and substitution; climate and weather changes; footprint adjustments and other manufacturing changes, including the commissioning of new equipment and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable deposit or packaging laws; customer and supplier consolidation; power and supply chain disruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass through increased costs; War, political instability and sanctions, including in relation to the situation in Russia and Ukraine and its impact on our supply chain and ability to operate Russia and the EMEA region in general; changes in exchange rates or tax rates; and tariffs, trade measures or other governmental measures, including business restrictions and protective measures in any country or jurisdiction affecting goods manufactured by us or in our supply chain, including imported raw materials; b) our aerospace segment includes the financing, approval, availability and return of government and commercial contracts; and delays, renewals and technical uncertainties affecting segment contracts; c) the enterprise as a whole includes those listed above as well as: the extent to which sustainability-related opportunities arise and can be exploited; management changes, succession and the ability to attract and retain a skilled workforce; regulatory actions or issues, including those related to tax, ESG reporting, competition, the environment, occupational health and safety, including US FDA and other actions or public concerns affecting products that fill our containers or chemicals or substances used in raw materials or manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; Illness; Pandemic; changes in labor costs; Inflation; return on assets of the company’s defined benefit plans; pension changes; uncertainties related to geopolitical events and government policies, including policies, orders and actions related to COVID-19; reduced cash flow; interest rates, which affect our debt; and successful or unsuccessful joint ventures, acquisitions and divestitures, including the sale of our Russian business, and their impact on our results of operations and our business generally.
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SOURCE Ball Corporation