Ball to sell off Metalpack joint venture for $1.35B

WESTMINSTER — Consumer packaging and industrial products maker Sonoco Products Co. (NYSE: SON) is buying Ball Metalpack, a joint venture between Ball Corp. (NYSE: BLL) and California venture-capital firm Platinum Equity that manufactures steel containers for aerosol products, food, household consumables, pet food and other products.

The price tag on the deal, which is expected to close early next year, is $1.35 billion.

Ball Metalpack was formed in 2018, with Ball contributing  its U.S. steel food and aerosol packaging manufacturing assets and PE pitching in $600 million. Ball owns 49% of the venture and PE 51%.

“Three years ago [Ball CEO] John…