Crown Holdings Inc.

Overview Key strengths Key risks One of the leading manufacturers of aluminum beverage cans, with significant scale and geographic diversity. High capital spending required to support growth, which will limit cash flows. New product introductions and focus on sustainability should drive volume growth for several years. Concentration in the beverage packaging business, which represents about 75% of EBITDA Transit packaging business provides some diversity from the can business. Significant share repurchases likely, though the company should remain within its financial leverage targets. In the Americas, Crown is likely to increase its volumes by about 6 billion units to 51 billion by the end of 2022, which includes higher volumes from lines placed last year, including the third line in Olympia,

...We expect Crown Holdings Inc. to benefit from growing demand for beverage cans as the company continues to expand its capacity. In the Americas, Crown is likely to increase its volumes by about 6 billion units to 51 billion by the end of 2022, which includes higher volumes from lines placed last year, including the third line in Olympia, Wash., the second can line in Monterrey in Mexico, Rio Verde in Brazil, and a new two-line can facility Bowling Green, Ky. Additional Americas expansion this year includes a new two-line can facility in Martinsville, Va., and a two-line facility in Uberaba, Brazil. In Asia-Pacific, the Vung Tau greenfield plant in Vietnam and additional line in Cambodia will help bring regional capacity up by 1 billion to 19 billion units this year. Supporting these additions is about $950 million of capital spending last year and another $1 billion of spending expected for 2022. Further investments will likely be needed in outer years to maintain market share if industry...

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