Heineken sells Mexican packaging business to Crown Holdings
01 Sep 2014
Heineken has sold its Mexican packaging business, Empaque, to US firm Crown Holdings in a $1.23-billion deal, BBC reported.
According to the Dutch brewer, the sale of Empaque would generate a one-off gain of $300 million.
Empaque, which netted $660 million in revenue last year, would continue to supply Cuauhtémoc Moctezuma, Heineken's subsidiary in Mexico.
The deal would be completed by end 2014 after approval by regulators.
Heineken said in a statement that the divestment would allow it "to focus its resources fully on brewing, marketing and selling its world-class portfolio of beer brands".
The company last month reported a better-than-expected profit of €1.45 billion, as against €1.33 billion a year earlier.
Empaque, a 2010 Heineken acquisition, produces metal beverage cans, crown corks, aluminium closures and glass bottles, Bloomberg reported.
Heineken acquired the business in 2010 when it bought Mexican brewer Femsa.
The unit, which had revenue of €495 million in 2013, makes metal beverage cans, glass bottles and aluminum closures. Empaque would continue as a supplier to Heineken after the sale.
