US-Based packaging solutions company Ball Corporation has signed a purchase agreement to acquire Brazilian aluminium aerosol packaging business Tubex Industria E Comercio de Embalagens.
The scope of the acquisition also includes Tubex’s associated contracts and other assets.
Ball will pay $80m under the terms of the agreement. The agreement also includes potential earn out options for the seller.
Ball’s chairman, president and CEO John A Hayes said: “As the demand for sustainable aluminium packaging continues to grow among customers and consumers worldwide, this investment allows us to broaden our geographic reach and serve this expanding market as one of the leading aluminium aerosol suppliers in Brazil.”
The completion of the acquisition is subject to customary closing conditions.
Tubex operates a packaging plant near Sao Paolo that produces personal care packaging products for local and international clients.
The plant features eight extruded aluminium aerosol can lines and employs around 300 people.
Once the transaction is complete, the facility will become part of Ball’s aluminium aerosol packaging division.
Headquartered in the US, Ball focuses on delivering sustainable aluminium packaging solutions to different industry verticals.
Last year, the company reported sales of around $11.5bn.
In January this year, Ball announced that it will be launching a new impact extruded aluminium bottle line as an alternative to plastic packaging.
The Infinity Aluminum Bottle can be recycled and is available in various shapes and sizes.
Ball has more than 100 locations and employs around 18,300 people worldwide.