Ball Corporation Sells Aluminum Cup Business to New Joint Venture
It must be noted that Balll Corporation had added Aluminum Cup to its portfolio in 2019.
SEATTLE (Scrap Monster): The new joint venture between Ball Corporation and Ayna. AI, a prominent supplier of environmentally friendly aluminum packaging solutions, has closed. Ayna.AI owns 51% of the joint venture, while Ball Corporation owns a minority stake of 49%. The newly established joint venture will purchase the company's aluminum cup business.
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The Aluminum Cup business, including its manufacturing, supply chain, and commercial teams, as well as the Rome, Georgia plant that will act as the company's headquarters, will be included in the joint venture, which will be called Oasis company Holdings, LLC. The joint venture will collaborate to increase the cup company's clientele. It should be mentioned that in 2019, Balll Corporation expanded its product line to include Aluminum Cup.
Ball Corporation's senior vice president and head of Growth Ventures, Jay Billings, commented on the development, saying that the collaboration with Ayna is a logical next step in the company's evolution. In the meantime, Ayna CEO Gaurav Batra stated that the company is excited to embark on this new journey with the Ball Corporation team.
The Aluminum Cup is in a strong position to experience growth and provide market expansion as a part of Oasis Venture Holdings.