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 and focus on shareholder returns, which can limit cash flows. New product introductions and focus on sustainability should drive long-term volume growth. Concentration in the beverage packaging business, which represents about 75% of EBITDA. Transit packaging business provides some diversity from the can business. Slower demand may result in temporary lower volumes and high inventory levels. A sharp drop in demand and destocking among Crown's customers resulted in lower growth for 2022 than we had expected. As a result, Crown's EBITDA was lower than our projections and with incremental debt issued during the
