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Ball Corp

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business2 years ago•3 min saved

Ball Corp. Sells Aerospace Business to BAE Systems for Record $5.6 Billion

Colorado-based Ball Corp. has agreed to sell its aerospace business to British company BAE Systems for $5.6 billion in cash. The deal, subject to regulatory approvals, is expected to close in the first half of 2024. The sale will allow Ball Corp. to reduce debt and focus on growing its global aluminum packaging businesses. Ball Aerospace, known for its contributions to space exploration, has about 5,200 employees and is expected to add over $2 billion in annual revenues to BAE Systems.

via The Denver Post|

#acquisition #aerospace #aluminum-packaging

business2 years ago•2 min saved

BAE Systems Acquires Ball Corp's Aerospace Arm for $5.6bn

BAE Systems, Britain's largest defense company, has agreed to acquire Ball Corp's aerospace assets for approximately $5.55 billion in cash. The deal will allow BAE to expand its presence in key areas such as national security and intelligence. Ball Corp, the world's largest supplier of beer cans, plans to use the proceeds to reduce its debt, return money to shareholders, and focus on its global packaging operations. BAE intends to fund the acquisition through new debt and existing cash. The deal is expected to close in the first half of 2024 and is seen as a good fit, although slightly expensive, according to analysts.

via Reuters|

#acquisition #aerospace #bae-systems