Crown buys partner’s interest in Chinese and Vietnamese joint ventures
Packaging company acquires interest from Swire Pacific’s affiliates for $150m
Packaging company Crown Holdings Inc has acquired a 44.57% interest in the holding company for Crown’s four joint venture facilities in China from affiliates of Swire Pacific Limited and a 49% interest in the holding company for Crown’s joint venture facility in Hanoi, Vietnam. The $150m transaction is subject to certain conditions and is expected to close during the third quarter.
“The acquisition, along with our previously announced decisions to expand production capacity in China and Vietnam, supports Crown’s emerging markets growth initiative in Asia,” commented chairman and ceo John W Conway.