UPDATE 1-Packager Ball to keep lid on spending

* Sees capex near $200 million until economy recovers

* Sees cash flow up in 2010

* Shares slightly weaker at midday

NEW YORK, Dec 3 (Reuters) - Packaging maker Ball Corp (BLL.N) expects to keep a tight rein on spending until the economy shows stronger signs of recovery, and expects its cash flow to increase in 2010, a senior executive said on Thursday.

Ball, maker of metal and plastic food and consumer item containers, will keep its capital expenditures for 2010 near 2009's estimated $200 million, Scott Morrison, Ball's current treasurer and incoming chief financial officer, told an investor conference.

"Until we see growth come back worldwide, we will keep spending around that level," he said.

The acquisitions of three beverage can plants from AB InBev (ABI.BR) and the portion of a plant in China that it did not own, will help boost its cash flow in 2010 from the $375 million it expects to generate in 2009, he said.

Ball has trimmed capacity at some of its metal beverage container, plastic bottle and aerosol manufacturing plants, he said, and continues to look at the plastics business for potential reductions.

"We're actually de-investing and looking at a variety of things we can do," he said, adding the company would "potentially" divest some of its plastics operations.

Shares in Ball were down 0.3 percent, or 16 cents, to $48.91 near noon on the New York Stock Exchange. (Reporting by Matt Daily; Editing by Tim Dobbyn) ((matt.daily@thomsonreuters.com; Reuters Messaging: matt.daily.reuters.com@reuters.net; +1 646 223 6121))