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UPDATE 1-Ball to buy remaining stake in Chinese plant
November 9, 2009 / 2:11 PM / in 8 years

UPDATE 1-Ball to buy remaining stake in Chinese plant

* Ball to buy remaining stake in Chinese plant

* Deal valued at $90 million cash and debt

* Expected to close in 2010

NEW YORK, Nov 9 (Reuters) - Ball Corp (BLL.N) said on Monday that it would buy out the remaining stake in a Chinese beverage can plant for $90 million in cash and debt.

The Broomfield, Colorado-based company will buy Guangdong Jianlibao Group Co’s 65 percent stake in a metal beverage can and end plant in the southern Chinese city of Sanshui.

The deal is expected to close in 2010.

Ball has owned about 35 percent of the plant since 1992.

“We are very familiar with the plant and its customers, and this investment allows us greater flexibility to serve the growing Chinese market at a significantly lower cost than building a new facility and without adding additional capacity,” Ball Chief Executive Officer R. David Hoover said in a statement.

Shares of Ball, which closed Friday at $49.50, have traded between $28.15 and $52.46 in the past 52 weeks. (Reporting by Ernest Scheyder; Editing by Lisa Von Ahn)

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