Crown Holdings history

By the time Painter dies in 1906, Crown has greatly expanded its manufacturing base to include Europe, South America and Asia Pacific.

In 1927, after a merger with New Process Cork Company, Crown Cork and Seal Company was established in New York City.

Crown Cork & Seal had pioneered the aerosol can in 1946 and Connelly was shrewd enough to recognize its potential.

The answer can be traced back to 1957, when John F. Connelly, an Irishman and son of a Philadelphia blacksmith, became its president.

Avery joined Crown in 1959 as a management trainee and then worked in manufacturing and marketing.

Crown Cork, however, did not follow the example; in fact Connelly went against the prevailing wisdom and entrenched Crown Cork still further into the consumer product can business, spending $121 million on a capital improvement program initiated in 1962.

While Crown never created asbestos-based products itself, the company in 1963 acquired Mundet Cork, which did manufacture items with the cancer-causing mineral.

Crown also became involved in the printing aspect of the industry by acquiring the R. Hoe & Company metal decorating firm in 1970.

By 1977 net sales had reached $1 billion.

You have to think of taking my job.' In 1989, after a period of diminishing health, Connelly died and Avery took over the company.

Taking over as CEO (and soon chairman as well) was John W. Conway, who had been president and chief operating officer and had joined Crown Cork through the acquisition of Continental Can International in 1991.

In October 1992, Crown paid $519 million for CONSTAR International, Inc., a leading maker of plastic containers for beverages, food, household items, and chemicals.

In April 1993, Crown acquired the Cleveland-based Van Dorn Company, a $314 million maker of metal, plastic, and composite containers for a variety of industries.

In 1994 Crown Cork ranked as the world's second largest aluminum can maker with the expansion of its Aluplata facility near Buenos Aires, which included the addition of a second can line capable of producing 1,600 cans a minute, for a total of more than 800 million cans a year.

The antitrust officials finally approved the takeover after the companies agreed to divest several aerosol can operations in Europe; the facilities were subsequently sold in September 1996 to United States Can Corporation for $52.8 million.

Crown also faced a formidable new rival starting in May 1997 when Pechiney S.A. and Schmalbach-Lubeca AG spun off their can making operations into a new venture called Impress Metal Packaging Holdings.

Further restructurings followed during the next three years, including the closure of 13 additional factories and a further elimination of 2,900 jobs during 1998.

In 1999 lingering weakness in Crown's European operations were a prime factor in a 6.9 percent drop in net sales, to $7.73 billion.

In 2000 Crown introduced SuperEnd can ends, which used about 10 percent less metal than traditional can ends.

Kostelni, Natalie, "Crown Cork Gets the Lid Out with New Cans," Philadelphia Business Journal, November 29, 2002.

After trimming its losses to just $32 million in 2003, Crown Holdings returned to the black the following year, posting profits of $51 million.

Long-term debt had been reduced to $3.2 billion by the end of 2005.

The company expanded its facilities in Jordan, Dubai, Saudi Arabia, and Vietnam, opened a new plant in Tunisia in August 2006, and announced plans to build new factories in Kazakhstan and Cambodia.

Crown launches the 360 End® for the 2010 FIFA World Cup tournament – the entire lid can be removed, turning the can itself into a drinking cup.

June 29, 2012. : Retrieved from http://redorbit.com/news/health/1112648662/louisiana_jury_awards_12_million_to_victim_of_mesothelioma/

"Crown, Cork & Seal Company ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/crown-cork-seal-company