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Heineken has agreed to sell its Mexican packaging business Empaque to Crown Holdings Inc.

Heineken has agreed to sell its Mexican packaging business Empaque to Crown Holdings Inc.

Posted by Ricardo Vázquez on September 01, 2014

Dutch brewer Heineken has agreed to sell its Mexican packaging business Empaque to Crown for 1.23 billion dollars including debt, shedding a non-core business it acquired when entering the Mexican market in 2010.

The world's third-largest beer maker said on Monday the sale would allow it to focus resources on brewing and marketing its lagers, ales and ciders.

Heineken said the sale of Empaque, which generated revenue of 660 dollars million and earnings before interest, tax, depreciation and amortization (EBITDA) of 130 million dollars in 2013, would result in a post-tax book gain of about 300 million euros (394 million dollars).

The deal will preserve Empaque's position as a can, cork and glass bottler supplier for Heineken through long-term contracts.

Heineken became the number two player in Mexico when it bought the beer business of Mexican bottler and retailer FEMSA in 2010. The latter now owns 20% of Heineken directly or via Heineken Holding.

Food packaging company Crown, based in Philadelphia, is a leading drinks can and metal container maker operating in 40 countries.

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