laht.comBRUSSELS – Dutch brewer Heineken said Wednesday that it has completed the sale of its Mexican packaging unit Empaque to U.S.-based Crown Holdings for approximately $1.2 billion.
Heineken, which announced the conclusion of the divestment after receiving regulatory approval from Mexico’s CFC anti-trust commission, also said it will use up to 750 million euros ($850 billion) of the proceeds for a share-buyback program.
That program will be executed periodically by intermediaries through open-market purchases and is expected to be concluded during 2015.
“Empaque was acquired as part of the FEMSA Cerveza acquisition, which was mainly paid for in shares,” Heineken CEO Jean-Francois van Boxmeer said.
Monterrey, Mexico-based Empaque posted gross revenues of 515 million euros ($587 million at the current exchange rate) in 2014, while its earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled 113 million euros ($129 million) and its earnings before interest and taxes, or EBIT, amounted to 91 million euros ($104 million), Heineken said.
The Dutch company said it expects to record a post-tax book gain of approximately 375 million euros ($428 million) from the divestment of its Mexican packaging unit.
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