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Crown Announces Increase in Beverage Can Capacity Across the Middle East to Meet Growing Demand
Philadelphia (ots/PRNewswire) - Crown Holdings, Inc. (NYSE: CCK) (Crown), a leading supplier of packaging products to consumer marketing companies around the world, announced today that its affiliate, CROWN Bevcan Europe & Middle East, in conjunction with its long-standing regional partner, Ahmad Hamad Algosaibi & Brothers, will substantially increase beverage can production capacity in the Middle East.
Crown is to install two new lines; one in its Jeddah, Saudi Arabia plant and the other in its Dubai, United Arab Emirates plant. Crown expects the first line to be operational early in 2006 with the second line operational by mid-year 2006, bringing an additional 1.5 billion cans of capacity to the region.
This follows a three-year program of capacity enhancement of over 1 billion cans in Crown's existing plants in Jordan, Saudi Arabia and the United Arab Emirates culminating in the start-up next April of a second line in Jordan. The plants, located in Amman, Dammam, Jeddah and Dubai, are all joint ventures between Crown and Ahmad Hamad Algosaibi & Brothers.
"These investments will allow us to further build on our long-established position in the Middle East," said John Clinton, Senior Vice-President of CROWN Bevcan Europe & Middle East. "Crown is deeply committed to providing our customers with the cans they need to meet current growth in this dynamic market and anticipated long-term demand."
"Crown's expertise in the production of beverage cans and knowledge of the Middle East market make them an excellent joint venture partner," said Sheik Saud A. Algosaibi, Managing Director of Ahmad Hamad Algosaibi & Brothers. "Crown's decision to continue to invest with us in the region is a very positive message for existing and potential customers alike."
In addition to the capacity expansion noted above, the Company confirms that construction of its new beverage can facility in Tunisia, North Africa is well underway. The plant, located in the Tunisian capital of Tunis, will be operational in the second half of 2005 and will have an initial annual capacity of 635 million cans.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its affiliated companies, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, PA.
CROWN Bevcan Europe & Middle East, operates 13 beverage can and end facilities across Europe, the Middle East and North Africa.
Web site: http://www.crowncork.com
ots Originaltext: Crown Holdings, Inc.
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