Following the closing of the previously announced sale of Eviosys to Sonoco Products Company, Crown Holdings, Inc. will receive net cash proceeds of approximately $300 million in return for its remaining equity stake of approximately 20%.

Commenting on the transaction, Kevin Clothier, Crown’s Senior Vice President and Chief Financial Officer, stated: “This completes the strategic divestiture of our European Tinplate business. 

“We are pleased that this transaction has closed in a timely manner, and the proceeds will support our stated objective of ending the year with a net leverage ratio below 3.0x, while continuing to progress toward our longer-term target of 2.5x.”

Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. Its world headquarters are located in Tampa, Florida.