Ball Corporation has announced that it has closed the sale of 41% of its 51% stake in Ball United Arab Can Manufacturing Company (UAC), its joint venture in Saudi Arabia, to a subsidiary of ORG Technology Co., Ltd. (ORG) for approximately $70 million, subject to customary closing adjustments.
Following the transaction, Ball deconsolidated UAC from its accounts; that is, it no longer includes UAC’s financial results within its own consolidated financial statements and retains a minority stake of 10%. The transaction strengthens the strategic alliance between the two companies, combining Ball’s global packaging innovation with ORG’s regional production and execution capabilities.
Daniel W. Fisher, Chairman and CEO of Ball, stated that this announcement “reflects our discipline in portfolio management and focus on sustainable returns.” He also added that “deepening the relationship with ORG will allow us to better serve customers in Saudi Arabia and the Middle East, while gaining flexibility to invest in key growth areas and long-term value creation.”
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