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    Ball Corp (BALL)

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    Business Description

    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 .

    1. Beverage Packaging in North and Central America - Supplies aluminum beverage containers to multinational and regional customers across North and Central America.
    2. Beverage Packaging in EMEA (Europe, Middle East, and Africa) - Provides aluminum beverage packaging solutions tailored for the EMEA region.
    3. Beverage Packaging in South America - Delivers aluminum beverage containers to clients throughout South America.
    4. Extruded Aluminum Aerosol Containers - Manufactures aluminum aerosol containers for personal care and household products.
    5. Recloseable Aluminum Bottles - Produces aluminum bottles with recloseable features for various beverage applications.
    6. Aluminum Slugs - Supplies aluminum slugs used in the production of various packaging products.
    7. Aluminum Cups - Offers durable and recyclable aluminum cups for beverage consumption.
    8. Aerospace (Discontinued Operations) - Previously provided aerospace technologies and services before divestiture to BAE Systems, Inc.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Nate C. CareyVice President and ControllerNovember 2017Nate C. Carey has been serving as the Vice President and Controller at Ball Corporation since November 2017. Prior to this role, he was the Assistant Controller from 2014 to November 2017 .
    Carey S. CauseySenior Vice President and Chief Growth OfficerJanuary 2024Carey S. Causey is the Senior Vice President and Chief Growth Officer at Ball Corporation, a position she has held since January 2024. She previously served as President of Beverage Packaging EMEA .
    Daniel W. FisherChairman and Chief Executive OfficerApril 27, 2022Daniel W. Fisher became the Chief Executive Officer effective April 27, 2022, and later became Chairman of the Board effective April 26, 2023. He has been with Ball Corporation since 2010 .
    Deron J. GoodwinVice President and TreasurerSeptember 2022Deron J. Goodwin has been serving as the Vice President and Treasurer of Ball Corporation since September 2022. Prior to this role, he was the Assistant Treasurer from 2016 to September 2022 .
    Ronald J. LewisSenior Vice President, Chief Supply Chain and Operations OfficerJanuary 2024Ronald J. Lewis has been serving as the Senior Vice President and Chief Supply Chain and Operations Officer at Ball Corporation since January 2024. He was previously the COO for Global Beverage Packaging .
    Hannah Lim-JohnsonSenior Vice President, Chief Legal Officer, and Corporate SecretarySeptember 2023Hannah Lim-Johnson has been serving as the Senior Vice President, Chief Legal Officer, and Corporate Secretary at Ball Corporation since September 2023. She held the same position at Meritor, Inc. .
    Kathleen E. PitreSenior Vice President and President, North and Central AmericaJanuary 2024Kathleen E. Pitre is the Senior Vice President and President, North and Central America at Ball Corporation, a position she has held since January 2024. She was previously President of Beverage Packaging North and Central America .
    Stacey Valy PanayiotouSenior Vice President and Chief Human Resources OfficerNovember 2021Stacey Valy Panayiotou has been serving as the Senior Vice President and Chief Human Resources Officer at Ball Corporation since November 2021. She was previously EVP of Human Resources at Graphic Packaging International .
    Fauze C. VillatoroSenior Vice President and President, South AmericaJanuary 2024Fauze C. Villatoro has been serving as Senior Vice President and President, South America at Ball Corporation since January 2024. He was previously President of Beverage Packaging South America .
    Howard H. YuExecutive Vice President and Chief Financial OfficerSeptember 25, 2023Howard H. Yu is the Executive Vice President and Chief Financial Officer of Ball Corporation. He joined the company in this role on September 25, 2023. He was previously CFO at Envista Holdings Corporation .
    Aaron M. ErterDirectorJune 3, 2024Aaron M. Erter serves as a Director at Ball Corporation. He was required to file an initial statement of beneficial ownership of securities on June 3, 2024 .

    Questions to Ask Management

    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateApril 24, 2024
    End Date/DurationN/A
    Total additional amount40 million shares
    Remaining authorization amount29,011,241 shares
    DetailsPart of a commitment to return value to shareholders, with a plan to spend about $1.3 billion on share buybacks for the year.

    Debt Maturity Schedule

    YearAmount Due [Millions/Billions]Debt TypeInterest Rate [%]% of Total Debt
    2024$235 millionShort-term loans and creditN/A2.7% = (0.235B / 8.62B) * 100
    2024$25 millionShort-term finance leaseN/A0.3% = (0.025B / 8.62B) * 100
    2025$1.00 billion5.25% Senior Notes5.2511.6% = (1.00B / 8.62B) * 100
    2026$750 million4.875% Senior Notes4.8758.7% = (0.750B / 8.62B) * 100
    2027$1.75 billionMulti-currency revolving facilitiesN/A20.3% = (1.75B / 8.62B) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1962PresentCurrent auditor