CROWN HOLDINGS INC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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B. Acquisitions and Divestitures
In December 2024 KPS Capital Partners LP completed the sale of Eviosys, including the Company's approximate 20% ownership share. The Company received pre-tax proceeds of $338 and recorded a gain of $275 in the fourth quarter of 2024.
The Company's share of Eviosys net earnings was a loss of$3 for the year ended December 31, 2024 and income of $9 and $34 for years ended December 31, 2023 and 2022 and is reported in Equity in net earnings of affiliates in the Consolidated Statements of Operations. The Company received distributions of $83 and $26 in the years ended December 31, 2023 and 2022.
In October 2023, the Company completed its acquisition of Helvetia Packaging AG ("Helvetia"), a beverage can and end manufacturing facility in Saarlouis, Germany for $126. Theaddition of Helvetia expanded the Company's European Beverage segment into Germany, adding capacity to serve growing demand for beverage cans. Assets acquired primarily included property, plant and equipment of $70 and customer relationship intangible assets of $14, with goodwill acquired of $44.
In April 2022, the Company completed the sale of the Transit Packaging segment's Kiwiplan business and received pre-tax proceeds of $180. The Company recorded a pre-tax gain of $113 on the sale, which is reported in Restructuring and other, net in the Consolidated Statements of Operations. The transaction did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore did not qualify for reporting as a discontinued operation.
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