Ball Corporation Completes Sale of Russian Beverage Packaging Business to Arnest Group for $530 Million
Following the March, 2022decision to divest from the Russian market,Ball Corporation (NYSE: BALL) today announced that it has completed the sale of its beverage packaging business in Russia toArnest Group for $530 million. The purchaser, Arnest Group, has acquired all of Ball Corporation's Russian-based business.
Photo by Osmar do Canto on Unsplash
"This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball's colleagues and assets in Russia. We believe this is a sound outcome for Ball in these geo-political circumstances," said Dan Fisher, president and CEO Ball Corporation.
Arnest is the largest manufacturer of perfume, cosmetic and household products in aerosol packaging in Russia and Ball's Aluminum Aerosol division has had the opportunity to work with the world class team at Arnest in the past. The closing of this transaction is not subject to any conditions, and all required approvals have been obtained. The sale is not expected to impact Ball's businesses outside of Russia.
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