TAMPA,
Fla., July 29, 2024 /PRNewswire/ -- Crown
Holdings, Inc. (NYSE: CCK) announced today
that its Board of Directors authorized the repurchase of an
aggregate amount of up to $2.0
billion of Company stock through the end of 2027. The new
authorization, which supersedes the previous authorization
announced on December 9, 2021,
reflects the Company's strong balance sheet and cash from
operations, allowing investment in the business and return of cash
to its shareholders.
Commenting on the authorization, Timothy
J. Donahue, Chairman, President and Chief Executive Officer,
stated, "Share repurchases are an integral part of our longer-term
capital allocation strategy. We will continue to remain disciplined
stewards of capital as it pertains to investing for growth,
returning capital to shareholders, and lowering our debt as we seek
to reduce net leverage to 2.5 times. The future of our Company is
bright and we look forward to utilizing our robust cash flow
towards value creation for shareholders."
Share repurchases under this program may be made in the open
market or through privately negotiated transactions, and at times
and in such amounts as management deems appropriate. The timing and
actual number of shares repurchased will depend on several factors
including price, corporate and regulatory requirements and other
market conditions.
Cautionary Note Regarding Forward-Looking
Statements
Except for historical information, all other
information in this press release consists of forward-looking
statements. These forward-looking statements involve a number of
risks, uncertainties and other factors, including, without
limitation, that the Company is not obligated and may not acquire
any shares of common stock and the share repurchase plan may be
suspended or terminated at any time at the Company's discretion.
Important factors that could cause the statements made in this
press release or the actual results of operations or financial
condition of the Company to differ are discussed under the caption
"Forward Looking Statements" in the Company's most recent Form 10-K
Annual Report and in subsequent filings made prior to or after the
date hereof. The Company does not intend to review or revise any
particular forward-looking statement in light of future events.
About Crown Holdings, Inc.
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. World headquarters are
located in Tampa, Florida.
For more information, visit www.crowncork.com.
For more information, contact:
Thomas T. Fischer, Vice President,
Investor Relations and Corporate Affairs, (215) 552-3720
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SOURCE Crown Holdings, Inc.
