Crown Holdings To Build New Beverage Can Plant In Henry County, Virginia
Crown Holdings (NYSE: CCK) announced plans to build a new beverage can manufacturing facility in Henry County, Virginia. This facility, part of Crown's strategy to expand its manufacturing capacity, will help meet the rising demand for aluminum beverage cans across various categories. Expected to begin operations in Q2 2022, the 355,000 square foot plant will create 126 new jobs. CEO Timothy J. Donahue emphasized this investment's role in enhancing sustainability and strengthening Crown's position in the specialty can market.
- New beverage can manufacturing facility in Henry County, Virginia, demonstrates expansion strategy.
- Will create 126 new jobs, boosting local employment.
- Strengthens Crown's position in specialty beverage can market.
- Dependence on continued demand growth for two-piece aluminum beverage cans in North America.
- Risks and uncertainties regarding successful construction and operation of the new plant.
YARDLEY, Pa., Jan. 28, 2021 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) (Crown), announced today that it will build a new beverage can manufacturing facility in Henry County, Virginia. This will represent the Company's third greenfield beverage can manufacturing investment in North America over the last five years.
This state-of-the-art plant will supply beverage cans to the Company's customers serving a variety of categories including sparkling water, energy drinks, carbonated soft drinks, teas, functional beverages, hard seltzers, beer and cocktails. The plant's geographic location expands Crown's North American supply network to address the growing market for standard and specialty beverage cans.
"This investment further demonstrates Crown's commitment to support its customers in meeting the increased demand for aluminum beverage cans," said Timothy J. Donahue, President and Chief Executive Officer. "The Henry County plant will give Crown a stronger position in the specialty can market, while allowing Crown to better serve the needs of customers and consumers for more sustainable packaging. On behalf of Crown, I would like to thank our many partners for their enthusiasm and cooperative effort in this initiative, including Governor Ralph Northam and the Commonwealth of Virginia, the Martinsville-Henry County Economic Development Corporation, Henry County, the Harvest Foundation of the Piedmont, Southwestern Virginia Gas, Appalachian Electric Power, Mid-Atlantic Broadband Communities Corporation and the Virginia Economic Development Partnership."
Located in Commonwealth Crossing Business Centre, the 355,000 square foot facility is expected to begin operations in the second quarter of 2022 and will create 126 new jobs.
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 whether demand will continue to grow for two-piece aluminum beverage cans in North America, and whether the Company can successfully implement its plans to construct a new plant and meet related time and production targets (including obtaining any required consents and approvals which could delay or prevent expansion), that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. 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 Form 10-K Annual Report for the year ended December 31, 2019 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 Yardley, Pennsylvania. 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.
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