BALL CORPORATION (NYSE:BLL) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05. Costs Associated with Exit or Disposal Activities.
On July27, 2017, and as a follow up to its March2, 2017, press release, the Company confirms that it will cease production at its Recklinghausen, Germany, facilities on July31, 2017. Additionally, an agreement with the facilities' Works Council(s) has been reached allowing for the permanent closure of the Recklinghausen beverage container and end production facilities, which employ approximately 360individuals.
As a result of the closures, an after-tax charge of approximately €62million is expected to be recorded in the Company's results. Approximately 80% of the charge will be for employee severance, placement, pension and other employee benefit costs, approximately 10% will be for equipment removal and cleanup costs and approximately 10% will be for accelerated depreciation and write-downs to net realizable value of certain fixed assets, related spare parts and inventory. All charges are expected to be incurred through the end of the second quarter of 2018.
About BALL CORPORATION (NYSE:BLL)
Ball Corporation (Ball) is a supplier of metal packaging to the beverage, food, personal care and household products industries. The Company’s packaging products are produced for a range of end uses and are manufactured in facilities around the world. The Company operates in four segments: metal beverage packaging, Americas and Asia; metal beverage packaging, Europe; metal food and household products packaging, and aerospace and technologies. Its product lines include aluminum and steel beverage containers. The Company also produces steel food, aerosol, paint, general line and decorative specialty containers, as well as extruded aluminum aerosol and beverage containers and aluminum slugs. The Company sells its packaging products to multinational beverage, food, personal care and household products companies. Its aerospace business is engaged in the designing, development and manufacturing of aerospace systems for civil, commercial and national security aerospace markets.