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Published in House and Home on Tuesday, February 12th 2013 at 14:15 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Ball To Consolidate Capacity in North American Food & Household Products Packaging... -- BROOMFIELD, Colo., Feb. 12, 2013 /PRNewswire/ --
BROOMFIELD, Colo., Feb. 12, 2013 /PRNewswire/ -- Ball Corporation (NYSE: [ BLL ]) announced today that it will cease production at the company's Elgin, Ill., food and aerosol packaging manufacturing plant in December 2013. The plant's customers will be supplied by other Ball facilities.
"Closing Elgin reduces capacity and, coupled with other changes within our manufacturing system, will enable us to maximize value in our existing business by supplying customers from a consolidated asset base and redistributing some manufacturing operations within our system," said Michael W. Feldser , chief operating officer of Ball's global metal food and household products packaging business.
The Elgin plant produces aerosol and specialty steel cans as well as flat steel sheet used by other Ball food and household products packaging facilities. The plant's 245 employees will be provided benefits, including outplacement and severance pay, in accordance with company policies and the effects bargaining process. Elgin employees can apply for open positions within Ball.
Ball will report an after-tax charge of approximately $21 million for this closure, the majority of which will be recorded in 2013.
Ball Corporation is a supplier of high quality packaging for beverage, food and household products customers, and of aerospace and other technologies and services, primarily for the U.S. government. Ball Corporation and its subsidiaries employ approximately 15,000 people worldwide and reported 2012 sales of more than $8.7 billion. For the latest Ball news and for other company information, please visit [ http://www.ball.com ].
Forward-Looking Statements
This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those expressed or implied. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key risks and uncertainties are summarized in filings with the Securities and Exchange Commission, including Exhibit 99.2 in our Form 10-K, which are available on our website and at [ www.sec.gov ]. Factors that might affect our packaging segments include fluctuation in product demand and preferences; availability and cost of raw materials; competitive packaging availability, pricing and substitution; changes in climate and weather; crop yields; competitive activity; failure to achieve anticipated productivity improvements or production cost reductions; mandatory deposit or other restrictive packaging laws; changes in major customer or supplier contracts or loss of a major customer or supplier; political instability and sanctions; and changes in foreign exchange rates or tax rates. Factors that might affect our aerospace segment include: funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts. Factors that might affect the company as a whole include those listed plus: accounting changes; changes in senior management; the recent global recession and its effects on liquidity, credit risk, asset values and the economy; successful or unsuccessful acquisitions; regulatory action or laws including tax, environmental, health and workplace safety, including U.S. FDA and other actions affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; governmental investigations; technological developments and innovations; goodwill impairment; antitrust, patent and other litigation; strikes; labor cost changes; rates of return projected and earned on assets of the company's defined benefit retirement plans; pension changes; uncertainties surrounding the U.S. government budget and debt limit; reduced cash flow; interest rates affecting our debt; and changes to unaudited results due to statutory audits or other effects.
SOURCE Ball Corporation
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