Crown Holdings Announces Stock Repurchase Authorization of $600 Million

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Dec 09, 2010, 06:06 ET

PHILADELPHIA, Dec. 9, 2010 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that its Board of Directors has authorized the repurchase of up to $600 million of the Company's common stock through the end of 2012.

Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions.

This repurchase authorization replaces all previous authorizations and is in addition to repurchases pursuant to the previously announced accelerated share repurchase agreement entered into by the Company on December 2, 2010. As of today, December 9, 2010, there are 155.0 million shares of common stock outstanding.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve a number of risks, uncertainties and other factors, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release to differ include, without limitation, that the Company is not obligated and may not acquire any shares of common stock and the share repurchase plan may be suspended or terminated at any time at the Company's discretion. Other important factors are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2009 and in subsequent filings. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

About Crown Holdings, Inc.

Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, PA. For more information, visit www.crowncork.com.