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Heineken Disposes of Mexican Packaging Operations

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Heineken Disposes of Mexican Packaging Operations

Heineken Disposes of Mexican Packaging Operations
September 09
01:36 2014

Heineken has agreed to sell its Mexican packaging business Empaque to Crown Holdings in a deal worth $1.225 billion. The transaction is expected to close by the end of the year and is subject to customary closing conditions and required regulatory approvals.

Divesting the Empaque packaging operations will allow Heineken to focus its resources fully on brewing, marketing and selling its beer brands. In 2013 Empaque generated revenue of Eur495 million ($660 million), mostly intercompany, and EBITDA of Eur96 million. The 2013 EBIT (Beia) was Eur67 million.

Following the divestment, Empaque will remain a key strategic supplier to Cuauhtémoc Moctezuma, Heineken’s wholly owned subsidiary in Mexico, through long-term supply contracts.

Heineken expects to reach its target net debt/EBITDA (beia) ratio of below 2.5x by the end of 2014. The proceeds of this divestment will provide further financial flexibility.

The sale of Empaque is expected to result in a post-tax book gain of approximately Eur300m. This will be reported as an exceptional item.

Empaque, which was acquired by Heinkene in 2010 as part of the FEMSA Cerveza acquisition, produces metal beverage cans, crown corks, aluminium closures and glass bottles. A transfer of ownership to Crown, a dedicated, global leader in consumer packaging, will benefit the development of Empaque in the long term.

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