Ball Corporation is a leading supplier of aluminum packaging for the beverage, personal care, and household products industries, and it also provides aerospace and other technologies and services. The company's operations are organized into three main reportable segments: beverage packaging in North and Central America, EMEA (Europe, Middle East, and Africa), and South America. In 2023, Ball's total consolidated net sales were $14.03 billion, with the packaging businesses contributing 86% of net sales and the aerospace business contributing the remaining 14% . The largest product line is aluminum beverage containers, which are sold globally to large multinational companies and regional customers. Ball also manufactures extruded aluminum aerosol containers, recloseable aluminum bottles, aluminum slugs, and aluminum cups . The company completed the divestiture of its aerospace business to BAE Systems, Inc. on February 16, 2024, marking a strategic shift and resulting in the aerospace business being reported as discontinued operations .
- Beverage Packaging in North and Central America - Supplies aluminum beverage containers to multinational and regional customers across North and Central America.
- Beverage Packaging in EMEA (Europe, Middle East, and Africa) - Provides aluminum beverage packaging solutions tailored for the EMEA region.
- Beverage Packaging in South America - Delivers aluminum beverage containers to clients throughout South America.
- Extruded Aluminum Aerosol Containers - Manufactures aluminum aerosol containers for personal care and household products.
- Recloseable Aluminum Bottles - Produces aluminum bottles with recloseable features for various beverage applications.
- Aluminum Slugs - Supplies aluminum slugs used in the production of various packaging products.
- Aluminum Cups - Offers durable and recyclable aluminum cups for beverage consumption.
- Aerospace (Discontinued Operations) - Previously provided aerospace technologies and services before divestiture to BAE Systems, Inc.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel W. Fisher ExecutiveBoard | Chairman and CEO | Board Member at Cummins Inc. | Joined Ball in 2010. Held multiple leadership roles, including President and COO of Global Beverage Packaging. Became CEO in April 2022 and Chairman in April 2023. | View Report → |
Hannah Lim-Johnson Executive | SVP, Chief Legal Officer, and Corporate Secretary | None | Joined Ball in September 2023. Former Chief Legal Officer at Meritor, Inc. Extensive legal and corporate governance expertise. | |
Howard H. Yu Executive | EVP and CFO | None | Appointed CFO in February 2025. No prior roles at Ball Corporation mentioned in the documents. | |
Nate C. Carey Executive | VP and Controller | None | Joined Ball in 2014. Became VP and Controller in November 2017. Currently serves as Principal Accounting Officer. | |
Aaron Erter Board | Independent Director | None | Appointed as a Class I Director in June 2024. Former CEO of James Hardie Industries and PLZ Corp. Extensive leadership experience in industrial sectors. | |
Betty J. Sapp Board | Independent Director | None | Independent Director since 2019. Former Director of the National Reconnaissance Office (NRO). Expertise in defense and cybersecurity. | |
Dune E. Ives Board | Independent Director | Board Member at Green Sports Alliance | Independent Director since 2021. Former CEO of Lonely Whale and Vulcan Philanthropy executive. Expertise in sustainability and conservation. | |
John A. Bryant Board | Independent Director | Chairman of Flutter PLC; Board Member at Compass PLC, Coca-Cola Europacific Partners PLC, and Macy’s Inc. | Independent Director since 2018. Former CEO and Chairman of Kellogg Company. Extensive experience in financial and strategic planning. | |
Michael J. Cave Board | Independent Director | None | Independent Director since 2014. Former Senior VP at Boeing. Extensive experience in financial management and aerospace. | |
Pedro Henrique Mariani Board | Independent Director | CEO and Board Member at Banco Bocom BBM | Independent Director since 2020. Formerly involved in Ball’s Brazilian joint venture. Extensive financial and business leadership experience. | |
Stuart A. Taylor II Board | Lead Independent Director | CEO of The Taylor Group LLC; Board Member at Hillenbrand, Inc. and Wabash National Corporation | Independent Director since 1999. Elected Lead Independent Director in 2019. Extensive investment banking experience. |
- Given the softer-than-anticipated volume performance in South America due to your exposure to Argentina, what specific actions are you taking to mitigate this risk and improve performance in that region?
- With the adjustments to North American capacity over the past few years, how does your current capacity compare to 2019, and do you foresee further changes in capacity based on current demand trends?
- Considering the decline in domestic beer volumes and challenges in the premium light beer segment, how are you adapting your product mix and customer strategies to drive volume growth in these areas?
- Excluding the nearly $40 million R&D tax credit benefit from last year, can you provide more insight into your underlying earnings growth in Q3 and the sustainability of that growth moving forward?
- You mentioned being in the early stages of your operational excellence initiatives; can you quantify the expected financial impact of these efficiencies over the next few years and discuss any potential challenges in achieving these targets?
Research analysts who have asked questions during BALL earnings calls.
Anthony Pettinari
Citigroup Inc.
6 questions for BALL
Arun Viswanathan
RBC Capital Markets
6 questions for BALL
Edlain Rodriguez
Mizuho Securities
6 questions for BALL
George Staphos
Bank of America
6 questions for BALL
Ghansham Panjabi
Robert W. Baird & Co.
6 questions for BALL
Stefan Diaz
Morgan Stanley
6 questions for BALL
Christopher Parkinson
Wolfe Research
5 questions for BALL
Jeffrey Zekauskas
JPMorgan Chase & Co.
5 questions for BALL
Philip Ng
Jefferies
5 questions for BALL
Anojja Shah
UBS Group AG
3 questions for BALL
Michael Roxland
Truist Securities
3 questions for BALL
Niccolo Piccini
Truist Securities
3 questions for BALL
Richard Carlson
Wells Fargo
3 questions for BALL
Joshua Spector
UBS
2 questions for BALL
Michael Leithead
Barclays
2 questions for BALL
John Dunigan
Jefferies
1 question for BALL
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Anheuser-Busch InBev and affiliates | Long-term supply contract | All | 16% of consolidated net sales in 2024 , i.e. $1,887 million (approx) , 15% in 2023 , and 15% in 2022. |
Coca-Cola Bottlers' Sales & Services Company LLC and affiliates | Long-term supply contract | All | 13% of consolidated net sales in 2024 , i.e. $1,533 million (approx) , 13% in 2023 , and 13% in 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Florida Can Manufacturing | 2025 | Ball Corporation acquired Florida Can Manufacturing in February 2025 for $160 million in cash to bolster its Beverage Packaging, North and Central America segment; the facility in Winter Haven is expected to generate $25–35 million in EBITDA annually from early 2027, enhancing sustainable packaging efficiency. |
Alucan Entec, S.A. | 2024 | Ball Corporation completed the acquisition of Alucan Entec, S.A. in late October 2024, paying a total of €82 million (approximately $88 million) with an initial cash payment and deferred additional consideration; the deal adds manufacturing facilities in Belgium and Spain, strengthening its global extruded aluminum aerosol and bottle business and supporting sustainable packaging growth. |
Recent press releases and 8-K filings for BALL.
- Ball Corp sold 41% of its 51% stake in Ball United Arab Can Manufacturing Company to ORG Technology for approximately USD $70 million, deconsolidating the JV and retaining a 10% ownership interest.
- The transaction deepens Ball’s multi-year relationship with ORG by combining Ball’s global can innovation and customer reach with ORG’s regional execution and manufacturing scale.
- Sale proceeds and ongoing minority stake align with Ball’s strategy to maintain a disciplined, returns-oriented portfolio and strengthen flexibility for core growth investments.
- On August 14, 2025, Ball Corporation completed an underwritten public offering of $750 million aggregate principal amount of 5.500% Senior Notes due 2033 under its Base Indenture (Nov. 27, 2015) and an Eighteenth Supplemental Indenture.
- The Notes bear interest at 5.500% per annum, payable semi-annually on January 1 and July 1 (first payment January 1, 2026), mature on September 15, 2033, and are redeemable at the issuer’s option (make-whole premium before June 15, 2033; at par thereafter) with a 101% change-of-control repurchase feature.
- The Notes are senior unsecured obligations of the Company, fully and unconditionally guaranteed on a senior unsecured basis by substantially all domestic subsidiaries (no guarantees by foreign subsidiaries).
- The Indenture includes customary covenants and events of default, and limitations on incurrence of liens and sale-leaseback transactions.
- On August 7, 2025, Ball Corporation entered into an underwriting agreement for an offering of $750 million aggregate principal amount of 5.500% Senior Notes due 2033, expected to close on August 14, 2025.
- The notes are priced to the public at 100% of principal with a 5.500% coupon (yield 5.500%) and mature on September 15, 2033, paying interest January 1 and July 1 (commencing January 1, 2026).
- Net proceeds will be used for general corporate purposes, including refinancing or repayment of borrowings under its U.S. dollar and multi-currency revolving credit facilities.
- Dan Rabbit appointed Interim CFO, bringing 25+ transaction experience to the role since August 2025.
- Q2 comparable diluted EPS of $0.90 vs. $0.74 in Q2 2024 (+22%) and comparable net earnings of $249 million; global beverage can shipments up 4.3% year-over-year.
- Reaffirmed full-year 2025 guidance of 12% to 15% comparable diluted EPS growth and now expect global volume growth above the long-term 2–3% range, with mid-single-digit in EMEA, above 4–6% in South America, and near the top of 1–3% in North America.
- Through Q2 returned $1.13 billion to shareholders; plan to repurchase at least $1.3 billion of shares in 2025, target year-end net debt/EBITDA of 2.75x, and CapEx of ≈$600 million with free cash flow aligned to net earnings.
- Ball Corporation will repurchase $250 million of its outstanding common stock in an accelerated share repurchase agreement with Crédit Agricole CIB, commencing June 16, 2025.
- The transaction uses cash on hand and available borrowings, with final share counts based on the volume-weighted average price and customary market-price adjustments.
- This buyback is part of Ball’s plan to return at least $1.5 billion to shareholders by year-end.
- Ball reported 2024 net sales of $11.80 billion (excluding its divested aerospace business) and employs 16,000 people worldwide.
- Howard Yu will step down as CFO effective June 30, 2025 under a mutual agreement, with severance benefits and continuing RSU vesting arrangements.
- Interim CFO Daniel Rabbitt is named, and the company reaffirms its full-year EPS growth outlook of 11-14%, aiming to generate strong free cash flow and long‑term shareholder value.
- Ball Corporation completed its underwritten public offering of €850,000,000 4.250% Senior Notes due 2032 on May 19, 2025, as disclosed in the filing.
- The Notes were issued under the Base Indenture (dated November 27, 2015) and a Seventeenth Supplemental Indenture, which outline key terms such as redemption, interest payment dates, and guarantee by domestic subsidiaries.
- Ball Corporation posted robust Q1 2025 results with GAAP diluted EPS of 63 cents on $3.10 billion in sales and net earnings of $179 million, while comparable diluted EPS improved to 76 cents versus 68 cents in Q1 2024 .
- The company returned $708 million to shareholders via share repurchases and dividends and reported $612 million in Q1, with a full‐year target of at least $1.5 billion in returns .
- Guidance remains optimistic with an expected 11% to 14% EPS growth for 2025, driven by cost management and operational initiatives such as the Ball Business System .
- Global shipments grew by 2.6%, underpinned by robust volume performance across regions .
- Ball strengthened its beverage packaging operations in North and Central America by completing the acquisition of Florida Can Manufacturing for $160 million .
- Ball Corporation filed an 8-K on April 30, 2025, detailing key corporate governance matters and bylaw modifications.
- The report confirms an amendment to the bylaws establishing a board size range of 9 to 15 members.
- It also summarizes Annual Meeting shareholder vote outcomes on director elections, auditor ratification, non-binding executive compensation, and approval to remove the default board size provision.
- Joint Venture Formation: Ball Corporation and Ayna.AI have established a 49:51 joint venture, named Oasis Venture Holdings, LLC, to advance the Aluminum Cup category.
- Business Assets Included: The venture takes over Ball’s Aluminum Cup business, including its commercial, supply chain, manufacturing teams, and the plant in Rome, Georgia that will serve as the new headquarters.
- Strategic Growth Initiative: The partnership aims to expand the customer base and drive innovation in sustainable packaging, building on Ball’s strategic portfolio expansion initiated in 2019.