Closure deal closed

Crown Holdings is to sell its Global Plastic Closures business to PAI partners, a leading European private equity firm, for around $650 million.

Crown's Global Plastic Closures business designs, manufactures and sells plastic closures for consumer packaging primarily for the personal care, food, beverage, pharmaceutical and industrial end markets.

The business has 29 facilities located in 15 countries across Europe, the US and Asia with approximately 3,500 employees.

For the twelve months ended December 31, 2004 total revenues for the business were $676 million with approximately 76% derived from sales in Europe.

The transaction, still subject to regulatory approvals and certain closing conditions, is expected to close later this year.