Leading position as a global can manufacturer Ongoing expansion in high-growth regions Favorable industry dynamics, including a fairly tight supply and demand balance and good pricing power High return on capital Increased debt leverage due to the acquisition of Empaque, which was completed earlier this year; Relatively stable operating margins and annual free cash flow generation Significant seasonal swings in earnings and cash flow Standard&Poor's Ratings Services' stable outlook on Crown Holdings Inc. reflects our expectation that the company will continue to benefit from the relatively stable conditions in its food and beverage end markets, the consolidated structure of its industry with good production and pricing discipline, and its ability to pass-through increases in raw material costs to
