Aluminum cans producer Crown Holdings plans to expand its global production capacity by 6 billion units per year as its new plants in Bowling Green, Kentucky and Vung Tau, Vietnam. It has seen an acceleration in demand and output has grown by 8pc in Q1 2021 compared with last year.
The company is also adding production lines to its facility in Olympia, Washington, and Rio Verde, Brazil. By the end of 2022. Crown expects to have a global capacity of 70 billion cans per year. Since 75pc of its income now stems from beverage cans, the company has decided to sell its European Tinplate business to KPS Capital Partners.
Crown’s net sales amounted to $3.1bn in Q1 2021, up from $2.8bn in the same period in 2020. The manufacturer’s net income doubled to $245mn from $114mn in the same period under comparison.