Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2026

4. Acquisitions and Dispositions

Acquisition of Benepack European Production Facilities

In January 2026, the company acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG). ORG retained a 20 percent ownership interest in the business. The acquisition has been accounted for as a business combination. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and is included in Ball’s beverage packaging, EMEA, segment. The investment further optimizes the company’s European manufacturing network as the facilities are well positioned to serve the growing demand of customers for sustainable packaging in the region.

The initial accounting for the acquisition is incomplete as of March 31, 2026, as such the purchase price allocation recognized in the unaudited condensed consolidated balance sheet is provisional and based upon preliminary estimates.

The following table summarizes the consideration paid for Benepack’s European beverage can manufacturing business and the preliminary amounts assigned for the assets acquired and liabilities assumed, as well as the fair value of the noncontrolling interest at the acquisition date:


($ in millions)

Cash and cash equivalents		$	19
Receivables			38
Inventories			35
Other current assets			4
Property, plant and equipment			167
Goodwill			59
Total assets acquired		$	322

Short-term borrowings and current portion of long-term debt			176
Accounts payable			21
Accrued employee costs			2
Other current liabilities			3
Other liabilities			7
Total liabilities assumed		$	209

Net assets acquired			113

Noncontrolling interests			(19)
Aggregate value of cash consideration paid		$	94

Benepack contributed sales of $27 million and net earnings of $2 million from January 30, 2026 to March 31, 2026.

Saudi Arabia

On August 27, 2025, the company sold 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company for total cash consideration of $71 million. The transaction resulted in deconsolidation upon closing with Ball retaining a 10 percent ownership interest, which is reported in other assets as an equity method investment on the unaudited condensed consolidated balance sheet.

Aluminum Cups

On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest. Ball’s interest in the entity, Oasis Venture Holdings LLC (“Oasis”), is accounted for under the equity method of accounting. For the three months ended March 31, 2026 and 2025, Ball

recorded losses of $1 million and $6 million, respectively, relating to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings.

Acquisition of Florida Can Manufacturing

In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida, and is included in Ball’s beverage packaging, North and Central America, segment. The transaction strengthens the segment’s supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region.