4.     Acquisitions and Dispositions

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Acquisition of Benepack European Production Facilities

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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 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.

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The valuation by management of certain assets and liabilities remains in process. As such, the purchase price allocation recognized in the unaudited condensed consolidated balance sheet is provisional and based upon preliminary estimates. The company expects the final accounting to be completed within one year of the acquisition.

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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:

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Benepack contributed net sales of $49 million and $125 million for the three and nine months ended September 30, 2026, respectively, and operating earnings of $4 million and $15 million for the three and nine months ended September 30, 2026, respectively.

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Saudi Arabia

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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. A gain of $86 million was recognized upon sale and is presented in business consolidation and other activities in the unaudited condensed consolidated statements of earnings (loss) in the third quarter of 2025. 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 in the unaudited condensed consolidated balance sheet.

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Aluminum Cups

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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 nine months ended September 30, 2025, Ball recorded losses of $8 million, relating to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings (loss).

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Acquisition of Florida Can Manufacturing

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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.