Dutch brewer Heineken has agreed to sell its Mexican packaging business Empaque to Crown for $1.23bn (£739m) including debt, shedding a non-core business it acquired when entering the Mexican market in 2010.
The world’s third-largest beer maker said yesterday the sale would allow it to focus resources on brewing and marketing its lagers, ales and ciders.
Heineken said the sale of Empaque, which had generated revenue of $660m and profits of $130m in 2013, would result in a book gain of around €300m after tax.
The deal will preserve Empaque's position as a can, cork and glass bottle supplier for Heineken through long-term contracts.
Food packaging company Crown, based in Philadelphia, is a leading drinks can and metal container maker operating in over 40 countries.
Heineken said that Moelis & Company UK and Gibson Dunn & Crutcher had acted as its advisers for the transaction.