WESTMINSTER, Colo., May 9, 2022
/PRNewswire/ -- Ball Corporation (NYSE: BLL), announced today
an agreement to repurchase approximately $300 million of its outstanding common stock in a
privately negotiated, accelerated stock repurchase transaction with
Mizuho Markets Americas LLC, using cash on hand and available
borrowings.
Subject to certain conditions, the transaction will commence
today and reduce Ball's outstanding common stock by a total of
approximately 4.3 million shares. Following the completion of
today's transaction, approximately 21 million shares remain
available for repurchase under the company's existing
authorization.
"This share buyback, which is part of our previously announced
planned purchases for the year, is consistent with our balanced
capital deployment strategy that includes returning value to
shareholders in the form of share buybacks and dividends and
investing in EVA-generating growth projects," said Scott C. Morrison, executive vice president and
chief financial officer.
The shares are subject to a market price adjustment provision at
the conclusion of the accelerated stock repurchase transaction,
which may require a settlement to be made by Ball, or to Ball,
based generally on the volume weighted average trading price of the
company's shares over an agreed upon period of time.
In addition, the company announced on April 27, 2022, that the company's stock ticker
will change from BLL to BALL effective tomorrow, May 10, 2022.
About Ball Corporation
Ball Corporation supplies innovative, sustainable aluminum
packaging solutions for beverage, personal care and household
products customers, as well as aerospace and other technologies and
services primarily for the U.S. government. Ball Corporation and
its subsidiaries employ 24,300 people worldwide and reported 2021
net sales of $13.8 billion. For more
information, visit www.ball.com, or connect with us on Facebook or
Twitter.
Forward-Looking Statements
This report contains "forward-looking" statements concerning
future events and financial performance. Words such as "expects,"
"anticipates," "estimates," "believes," and similar expressions
typically identify forward-looking statements, which are generally
any statements other than statements of historical fact. Such
statements are based on current expectations or views of the future
and are subject to risks and uncertainties, which could cause
actual results or events to differ materially from those expressed
or implied. You should therefore not place undue reliance upon any
forward-looking statements and they should be read in conjunction
with, and qualified in their entirety by, the cautionary statements
referenced below. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Key factors,
risks and uncertainties that could cause actual outcomes and
results to be different are summarized in filings with the
Securities and Exchange Commission, including Exhibit 99 in our
Form 10-K, which are available on our website and at www.sec.gov.
Additional factors that might affect: a) our packaging segments
include product capacity, supply, and demand constraints and
fluctuations and changes in consumption patterns; availability/cost
of raw materials, equipment, and logistics; competitive packaging,
pricing and substitution; changes in climate and weather; footprint
adjustments and other manufacturing changes, including the startup
of new facilities and lines; failure to achieve synergies,
productivity improvements or cost reductions; unfavorable mandatory
deposit or packaging laws; customer and supplier consolidation;
power and supply chain interruptions; changes in major customer or
supplier contracts or loss of a major customer or supplier;
inability to pas s through increased costs; war, political
instability and sanctions, including relating to the situation in
Russia and Ukraine and its impact on our supply chain and
our ability to operate in Russia
and the EMEA region generally; changes in foreign exchange or tax
rates; and tariffs, trade actions, or other governmental actions,
including business restrictions and shelter-in-place orders in any
country or jurisdiction affecting goods produced by us or in our
supply chain, including imported raw materials; b) our aerospace
segment include funding, authorization, availability and returns of
government and commercial contracts; and delays, extensions and
technical uncertainties affecting segment contracts; c) the Company
as a whole include those listed above plus: the extent to which
sustainability-related opportunities arise and can be capitalized
upon; changes in senior management, succession, and the ability to
attract and retain skilled labor; regulatory actions or issues
including those related to tax, ESG reporting, competition,
environmental, health and workplace safety, including U.S. FDA and
other actions or public concerns affecting products filled in our
containers, or chemicals or substances used in raw materials or in
the manufacturing process; technological developments and
innovations; the ability to manage cyber threats; litigation;
strikes; disease; pandemic; labor cost changes; inflation; rates of
return on assets of the Company's defined benefit retirement plans;
pension changes; uncertainties surrounding geopolitical events and
governmental policies, including policies, orders, and actions
related to COVID-19; reduced cash flow; interest rates affecting
our debt; and successful or unsuccessful joint ventures,
acquisitions and divestitures, including the announced sale of our
Russian business, and their effects on our operating results and
business generally.
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SOURCE Ball Corporation