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Crown buys Heineken鈥檚 Mexican packaging unit
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DUTCH brewing giant Heineken yesterday announced selling Mexico-based packaging business Empaque to US-based Crown Holdings in a deal worth above US$1 billion.
“Heineken ... has signed a binding agreement for the sale of its Mexican package business Empaque. The total enterprise value of the transaction amounts to US$1.225 billion,” the brewer said in a statement.
“The sale of Empaque is expected to result in a post-tax book gain of 300 million euros (US$394 million),” it added.
Amsterdam-based Heineken said it was selling Empaque to “focus its resources fully on brewing, marketing and selling its world class portfolio of beer brands.”
It bought Empaque four years ago as part of its acquisition of Femsa Cervesa. Empaque will continue to supply Heineken’s Mexican brewing business Cuauhtemoc Moctezuma through long-term supply contracts.
“A transfer to Crown, a dedicated global leader in consumer packaging, will benefit the development of Empaque in the long term,” Heineken said.
The transaction is expected to be finalized by the end of this year.
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