Nov 4, 2020 - Economy

Crown Holdings food can manufacturing unit could sell for $2 billion

Dan Primack

Photo of two towers of food cans — Photo by Emmanuel Dunand/AFP via Getty

Crown Holdings (NYSE: CCK) is considering a sale of its food can manufacturing unit, which could fetch around $2 billion, per Bloomberg.

Why it's the BFD: Crown is the world's largest maker of food cans, whether they be round, shaped, or bowls. It's also a profitable business, generating around $200 million in EBITDA, which is likely to attract private equity.

The bottom line: "Crown, which traces its origins to 1892, has more than 200 manufacturing plants globally and the majority of its revenue comes from outside the U.S. The company’s principal competitors include Ball Corp, which merged with Rexam Plc in 2016, and Ardagh Group," Bloomberg reports.

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Crown Holdings food can manufacturing unit could sell for $2 billion

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