Amcor Limited, an Australian packaging company, has entered into an agreement to acquire the Americas-based plastic packaging business of Ball Corporation a US-based provider of rigid metal and plastic packaging products and services, for approximately $280 million.
The consideration will include $265 million cash payable at closing, and $15 million of contingent consideration.
Ball's plastic packaging business includes five US plants that manufacture polyethylene terephthalate (PET) bottles and preforms and polypropylene bottles, as well as associated customer contracts and other related assets. The business employs approximately 1,000 people and had sales of $635 million in 2009.
The transaction is expected to close in the third quarter of 2010.