FX.co ★ Crown Closes Divestiture Of Eviosys Stake To Sonoco Products; To Receive Cash Proceeds Of $300 Mln

Crown Holdings, Inc. (CCK) announced on Wednesday that it has finalized the divestment of its remaining 20% interest in the Swiss-based European Tinplate business, Eviosys, to Sonoco Products Co. (SON). This transaction will result in net cash proceeds of approximately $300 million. It's worth noting that the company had already disposed of the majority of its European tinplate operations back in 2021.

Kevin Clothier, Crown's Senior Vice President and Chief Financial Officer, remarked on the deal, stating, "This marks the completion of our strategic divestment from the European Tinplate business."