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Ball Completes Sale of Aerospace Business

Sold the business for approximately $5.6 billion to BAE Systems, Inc.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Ball Corporation announced that the company completed the sale of its aerospace business for approximately $5.6 billion subject to customary closing adjustments.

“Today marks a significant milestone in Ball’s 144-year history,” said Daniel W. Fisher, chairman and CEO. “We extend our best wishes for continued success to our former colleagues and their new BAE Systems, Inc. teammates.

“Ball will utilize the approximately $4.5 billion of after-tax cash proceeds to reduce leverage, return value to shareholders and embark on the next step in our journey with greater financial flexibility and a focused purpose of advancing sustainability through aluminum packaging solutions that support a world free from waste. Our culture, purpose, operating model, and team are aligned with current and future shareholders’ interests by acting responsibly, delivering innovation at scale, and generating cash flow and higher EVA returns to accelerate shareholder value creation now and beyond,” said Fisher.

“As previously communicated, the company will use approximately $2 billion of the after-tax proceeds to reduce net debt and use approximately $2 billion of the after-tax proceeds to return value to shareholders via share repurchases and utilize the remaining proceeds to further strengthen the balance sheet,” said Howard Yu, EVP and CFO. 

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