FDBusiness.com

Crown postpones beverage can expansion plans in China

 Breaking News
  • Younger British Consumers Turn Over a New Leaf on Tea New research from Mintel reveals that as many as 37% of British consumers aged 25-34 have drunk 5-6 different types of tea at home or in the workplace over the past month*, compared to just 3% of those aged 55+. Furthermore, Brits aged 25-34 are the most likely to drink every variety of tea tracked by [...]...
  • Irish Consumer Confidence Hits New High Consumer confidence in Ireland has hit its highest level since the recession and is now the fourth most confident country in Europe, according to the latest Nielsen Global Survey of Consumer Confidence and Spending Intentions. The Republic of Ireland’s Consumer Confidence Index score – which measures attitudes each quarter on topics including personal finances and job prospects [...]...
  • Fifth Acquisition For Frutarom in 2017 Frutarom Industries, one of the world’s 10 largest companies in the field of flavours and natural specialty fine ingredients, continues its momentum of acquisitions and the implementation of its rapid and profitable growth strategy by agreeing to purchase of 100% of the shares of the UK company Flavours and Essences (UK) Ltd (F&E) for approximately [...]...
  • Market-leading Food Contact Conference, Plastics & Paper in Contact with Food – 4-7 December, Berlin Over 200 experts from across the food contact industry will come together in Berlin, Germany from 4–7 December 2017 to attend Smithers Pira’s Plastics & Paper in Contact with Foodstuffs (P&P) –http://www.food-contact.com/plastics-paper. With the European Commission having recently published EU regulation 752/2017 amending EU Regulation 10/2011 on plastic materials and articles intended for food contact, all [...]...
  • Croxsons’ Stunning Black Bottle For 6 O’Clock Gin’s Limited Edition Debut Leading glass packaging company Croxsons has supplied Bristol based distiller, 6 O’Clock Gin, with a stunning black bottle for their first limited edition gin product – the Brunel Edition. Since Bramley & Gage’s partnership with Croxsons for the re-launch of their 6 O’Clock gin, the Brunel Edition is the first limited edition gin for 6 O’Clock [...]...
  • Carlsberg Group Remains on Course Carlsberg Group has announced organic and reported net revenue growth of 2% to DKr31.77 billion (€4.27 billion) for the first half of 2017 although group beer volumes fell organically by 3%, chiefly due to a decline in Russia. Operating profit was up 15% organically, with all three regions – Western Europe, Eastern Europe and Asia [...]...

Crown postpones beverage can expansion plans in China

Crown postpones beverage can expansion plans in China
October 24
09:41 2012

Metal packaging firm Crown Holdings has announced that it has postponed plans to build two new plants in China as it reported a drop in profit for the third quarter

Crown said it had indefinitely postponed the plans to build new two new sites in Nanning and Xinxiang, China “consistent with our prudent approach in investing capital”.

The beverage can giant only announced plans to build a new plant in Nanning in February. The new plant in China was expected to be operational by the end of the second-half of 2013. It was due to have an initial annual production capacity of 750m two-piece 33cl aluminium beverage cans.

However, its plant in Heshan, China commenced commercial beverage can production in the third quarter on plan and on budget.

The announcement came as the firm said that Q3 profit  for the three months ending 30 September 2012 was $369m compared to $396m in the 2011 third quarter, reflecting $16m of unfavourable foreign currency translation.

Net sales also fell from $2.4bn in Q3 2011 to $2.3bn for Q3 2012.

‘Sluggish economic conditions and unfavourable weather’

Commenting on the results, John W. Conway, chairman and chief executive, said: “We are pleased with the company’s overall operating performance and financial results in light of the continuing sluggish economic conditions and unfavourable weather in many of our markets.

“The company continued to benefit from the strength of the developing markets in which we prudently expanded over the last several years, the diversification of our product offerings and geographic footprint and our constant focus on cost containment.

“Globally, beverage can volumes were up 5% in the quarter with the Americas, Europe and Asia all contributing to the growth.

“From the beginning of 2011, we have commercialised ten new production lines including six new plant start-ups across Asia, Brazil and Europe.

“This includes our new plant in Heshan, China which commenced commercial beverage can production in the third quarter on plan and on budget. When fully operational, these facilities have combined annual production capacity of 8.6 billion beverage cans, all to meet expected demand.”

Conway explained that over the next twelve months the firm expects to commercialise another 3.6 billion in annual beverage can production capabilities in still growing markets in Cambodia, China, Malaysia, Thailand and Vietnam.

Crown Holdings third quarter 2012 results

$

2012                                2011

Net sales          $2.3bn                         $2.4bn

Gross profit     $369m                         $396m

About Author

colin

colin

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2017drinktec
  • September 13, 2017FI Asia
  • September 19, 2017PROCESS EXPO 2017
  • September 22, 2017Global Summit on Food & Beverages
AEC v1.0.4

Jobs: Food Packaging

The Magazine

F&D Business Preferred Suppliers

Advertisements