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    Ball Corp (BALL)

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    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.
    NamePositionExternal RolesShort 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.

    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?
    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.
    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
    CustomerRelationshipSegmentDetails

    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.

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1962PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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 Forms Joint Venture for Aluminum Cup Business
    BALL
    M&A
    New Projects/Investments
    • 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.
    Mar 21, 2025, 11:13 PM