Ball Corp and Platinum Equity to launch new packaging company Ball Metalpack
Summary
Goldman Sachs is providing financial advice to Ball Corporation while Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal counsel.BROOMFIELD, Colo., June 21, 2018 /PRNewswire/ — Ball Corporation (NYSE: BLL) and Platinum Equity today announced that they have entered into joint venture and definitive purchase agreements to form Ball Metalpack, a new packaging company that manufactures steel containers for aerosol products, food, household consumables, pet food, nutritional and other products in the United States.The upfront cash proceeds and our retained stake in the joint venture company will benefit Ball shareholders,” said John A. Hayes, chairman, president and CEO.Ball Corporation supplies innovative, sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government.Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world.