Crown Holdings announced the acquisition of the beverage can and closure manufacturing plant, Helvetia Packaging AG located in Saarlouis, Germany.
Crown’s acquisition of the Saarlouis facility will expand the European beverage can platform to Germany, enabling it to produce approximately one billion units of annual can capacity. On the other hand, the multinational will also take over Helvetia’s existing customer base and the contracts that go with it. The unmatched sustainability benefits and infinite recyclability of aluminum have led to a growing preference for beverage cans for serving in both the alcoholic and non-alcoholic beverage segments.
Timothy J. Donahue, Crown’s CEO, expressed his enthusiasm in announcing that Saarlouis employees will remain on staff.
“We look forward to welcoming employees from the Saarlouis facility to the Crown family as we expand our European beverage can network to Germany to better serve the needs of local and regional customers.”
he said.
The German antitrust authorities still have to give the go-ahead for the purchase to finally materialize. If it gets the green light, full closure is expected by the end of 2023. The conditions under which this agreement will be made are private but, even so, its impact on the company’s net financial levels will be negligible. The Saarlouis plant will continue to operate during the process. However, the details of this agreement are confidential, so a large impact on the company’s net leverage at the end of the day is not expected.
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