WASHINGTON (dpa-AFX) - Ball Corp. (BALL) announced its decision to sell its Ball Aluminum Cup assets. As part of this move, the company will form a joint venture to manage and develop the assets further.
Ball announced the closing of a 49:51 joint venture with Ayna.AI, a,strategic advisory and implementation firm in the industrial technology space. This strategic venture will accelerate the continued development and growth of the Aluminum Cup category. Ball Corp. noted that the newly formed joint venture will be named Oasis Venture Holdings, LLC, and will consist of the Aluminum Cup business, including its commercial, supply chain and manufacturing teams and the plant in Rome, Georgia, which will serve as the venture's new headquarters.
Ayna and Ball, the minority investor, will work together to expand the Cup's customer base while continuing to uphold the highest operational standards and a steadfast commitment to exceptional customer service.
As part of Oasis Venture Holdings, the Aluminum Cup will be well positioned to grow, expand its reach in the market and innovate. As experts in this space, Ayna will provide valuable operational guidance, category experience and resources to grow the business through their unique Engaged Investor Operator Model. The change will not impact current orders, and Ball is committed to making this a smooth transition and maintaining continuity of supply for its valued customer base, Ball said.
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