COMPANY NEWS; SAINT-GOBAIN JOINS WITH BALL ON GLASS VENTURE (original) (raw)
Business|COMPANY NEWS; SAINT-GOBAIN JOINS WITH BALL ON GLASS VENTURE
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COMPANY NEWS
- June 28, 1995
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June 28, 1995
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Saint-Gobain, France's biggest glass maker, will become the second-largest glass-container manufacturer in the United States through a 1billionjointventurewiththeBallCorporation.ThejointventurewillacquiretheBallGlassContainerCorporationinMuncie,Ind.,andtheFosterForbesglass−makingoperationsinMarion,Ind.FosterForbesisadivisionofPechineyofFrance.Ball,whichhad1994salesof1 billion joint venture with the Ball Corporation. The joint venture will acquire the Ball Glass Container Corporation in Muncie, Ind., and the Foster Forbes glass-making operations in Marion, Ind. Foster Forbes is a division of Pechiney of France. Ball, which had 1994 sales of 1billionjointventurewiththeBallCorporation.ThejointventurewillacquiretheBallGlassContainerCorporationinMuncie,Ind.,andtheFosterForbesglass−makingoperationsinMarion,Ind.FosterForbesisadivisionofPechineyofFrance.Ball,whichhad1994salesof2.59 billion, will receive more than 125millionincashandholda42percentstakeinthejointventure,whichissubjecttoregulatoryandotherapprovals.Saint−Gobainwillholdtheremainingequity.Thenewventurewillinitiallyemployabout8,500peoplein22plantsthroughouttheUnitedStates.Ballsaiditexpectedthetransaction,whichshouldbecompletedbytheendoftheyear,toresultinanafter−taxchargeofupto125 million in cash and hold a 42 percent stake in the joint venture, which is subject to regulatory and other approvals. Saint-Gobain will hold the remaining equity. The new venture will initially employ about 8,500 people in 22 plants throughout the United States. Ball said it expected the transaction, which should be completed by the end of the year, to result in an after-tax charge of up to 125millionincashandholda42percentstakeinthejointventure,whichissubjecttoregulatoryandotherapprovals.Saint−Gobainwillholdtheremainingequity.Thenewventurewillinitiallyemployabout8,500peoplein22plantsthroughouttheUnitedStates.Ballsaiditexpectedthetransaction,whichshouldbecompletedbytheendoftheyear,toresultinanafter−taxchargeofupto75 million, or $2.50 a share.
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