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Crown Holdings to Receive Proceeds from Eviosys Sale to Sonoco

Crown will receive net cash proceeds of approximately $300 million in return for its remaining equity stake of approximately 20%.

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By: DAVID SAVASTANO

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

Following the closing of the previously announced sale of Eviosys to Sonoco Products Company, Crown Holdings, Inc. will receive net cash proceeds of approximately $300 million in return for its remaining equity stake of approximately 20%.

“This completes the strategic divestiture of our European Tinplate business,” Kevin Clothier, Crown’s SVP and CFO, said. “We are pleased that this transaction has closed in a timely manner, and the proceeds will support our stated objective of ending the year with a net leverage ratio below 3.0x, while continuing to progress toward our longer-term target of 2.5x.”

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