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Profits in the can for Crown

17-Apr-2009

Related topics: Packaging

Food and beverage can manufacturer, Crown Holdings, reported net income for the first three months of 2009 was $40m compared with $27m last year.

The Philadelphia-based company said it had recovered some price increases for steel tinplate used in food and aerosol cans.

It added that global beverage can unit volume growth, cost containment initiatives, increased operating efficiencies and product mix partially offset a $29m increase in pension expense and $29m of unfavourable foreign currency translation.

During the first quarter of 2009, Crown said it recorded a net charge of $5m related to the closure of its non-consolidated PET plastic bottle joint-venture in Brazil.