Crown Holdings, Inc. has signed an agreement to sell its European business of tin packaging a KPS Capital Partners, L.P.. Crown will receive pre-tax income of approximately € 1.900 billion from the transaction and will retain a 20% ownership interest in the business.
The European tinplate business comprises 44 manufacturing plants in 17 countries of Europe, Middle East and Africa that produce cans of food, aerosols, metal closures and promotional packaging for various consumer brands. In 2020, the company generated € 1.900 billion in revenue and approximately € 220 million in estimated independent EBITDA and had approximately 6.300 employees.
The sale of the European tin business is expected to close during the third quarter of 2021 and is subject to certain regulatory approvals and customary closing conditions.
Evercore acted as Crown's exclusive financial advisor.
