Following the closing of the previously announced sale of Eviosys to Sonoco Products Company (SON), Crown Holdings (CCK), will receive net cash proceeds of approximately $300M in return for its remaining equity stake of approximately 20%. Commenting on the transaction, Kevin Clothier, Crown’s Senior Vice President and CFO, stated, “This completes the strategic divestiture of our European Tinplate business. We are pleased that this transaction has closed in a timely manner, and the proceeds will support our stated objective of ending the year with a net leverage ratio below 3.0x, while continuing to progress toward our longer-term target of 2.5x.”
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