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Acquisitions and Dispositions | 3 Months Ended
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Mar. 31, 2020
Acquisitions and Dispositions |
Acquisitions and Dispositions | 4. Acquisitions and Dispositions ​ Brazil Aluminum Aerosol Packaging Business ​ In March 2020, the company agreed to acquire the entire share capital of Tubex Industria E Comercio de Embalagens Ltda, an aluminum aerosol packaging business with a plant near Sao Paolo, Brazil, for initial cash consideration of $80 million, subject to customary closing adjustments, and potential additional consideration not to exceed $30 million over the three years following the transaction close date. The business will be part of Ball’s aerosol packaging operating segment. The transaction is expected to close in the third quarter of 2020 and will broaden the geographic reach of Ball’s aluminum aerosol packaging business, serving the growing Brazilian personal care market. ​ Argentina Steel Aerosol Business ​ In October 2019, the company sold its Argentine steel aerosol packaging business, which included facilities in Garin and San Luis, Argentina, and recorded a loss on disposal of $52 million, which included the write-off of cumulative translation adjustments of $45 million related to the Argentina business that had been previously recorded in accumulated other comprehensive income. The loss on disposal was presented in business consolidation and other activities in the company’s unaudited condensed consolidated statements of earnings. ​ Beverage Packaging China ​ In September 2019, the company completed the sale of its metal beverage packaging business in China for upfront consideration of approximately $213 million, subject to customary closing adjustments, plus potential additional consideration related to the relocation of an existing facility in China in the coming years, the value of which has been reduced to zero dollars, as described in Note 6. The upfront proceeds from this sale were received in the fourth quarter of 2019. The potential additional consideration was written off during the first quarter of 2020. This charge, along with the loss on disposal of $45 million recorded in the third quarter of 2019, was recorded in business consolidation and other activities in the unaudited condensed consolidated statement of earnings.

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