The company also completed the sale of the divestment business to Ardagh Group, receiving cash proceeds of approximately $3.1bn (£2.3bn).
The deal is expected to see Ball achieve 9% after-tax return on invested capital by the end of 2019.
Ball’s combined metal beverage business now operates 75 metal beverage manufacturing facilities worldwide.
The metal giant now has 18,700 employees across five continents with pro forma net 2015 sales of approximately $11bn (£8.2bn).
The company’s global headquarters will remain in Broomfield, Colorado; however, Rexam’s London headquarters will close by the end of this year. This is part of the expected annual net synergies in excess of $300m (£225m) by the end of year three – but there will be a certain amount of anxiety to staff at locations such as London.
John A. Hayes, chairman, president and chief executive officer of Ball, said the metal giant will immediately begin integrating the new business, maintaining a focus on Ball’s existing Drive for 10 vision, EVA philosophy, balance sheet management, free cash flow generation and capital allocation practices.
“The long journey to today’s announcement only reaffirmed our acquisition rationale,” said Hayes. “Our goal is quite simple: to make the beverage can the most sustainable package – economically, environmentally and socially – in the beverage supply chain. All of our employees are poised to execute our integration and synergy capture plans. As part of this, we are immediately initiating a 90-day review of the newly acquired business, including costs, capital, supply logistics and balance sheet management among others.”
Source: News – Packaging News | Jobs | Production | Design | Innovation