Ball Corporation will contribute its U.S. steel food and aerosol packaging manufacturing assets to the joint venture. In 2017, these U.S. tinplate steel assets had sales of $746 million and comparable operating earnings of $48 million.

Ball Corporation will continue to wholly own and operate its aluminum aerosol packaging facilities in the U.S., Canada, Europe, India and Mexico, and its steel aerosol facilities in Argentina, as well as the Findlay, Ohio, metal packaging facility, which largely produces aluminum beverage containers.

The Findlay, Ohio facility will continue to produce two-piece steel food cans for Ball Metalpack under a long-term supply contract.

Platinum Equity is a global private equity firm with $13 billion of assets under management and a highly specialized focus on business operations.

The firm has substantial packaging expertise, and more than 20 years' experience acquiring and operating businesses that have been part of large corporate entities. Platinum Equity previously owned BWAY, a North American manufacturer of rigid metal and plastic containers.

During Platinum Equity's ownership, BWAY's EBITDA grew 45 percent through a combination of operational improvements and growth initiatives.

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