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Crown Holdings CEO Discusses Q2 2012 Results - Earnings Call Transcript

In specialty packaging, revenues were down due to lower overall demands. Segment income reflects the lower sales activity and 1 million of currency translation which was almost fully offset by cost reductions. Demand continued strong throughout Asia during the second quarter with beverage can sales volumes up 29% over the prior year as new plants in Heshan, China and Putian, China and the second line in Phnom Penh, Cambodia all contributed.

Global aerosol can volume was down 4% mainly reflecting the weak conditions in Europe were again, we have adjusted our production activity. In the second quarter we began commercial beverage can production in Ziyang, the third beverage can plant we have commissioned in China alone over the last 12 months. Production of beverage can ends in Heshan Guangdong Province also commenced in the second quarter and in two weeks we will begin can production in the Heshan plant.

At this time we still expect double digit beverage can growth in 2012 over 2011. In 2010, we initiated a sizeable global capacity expansion program focused on the emerging markets principally Brazil, China and South East Asia, announcing total capacity additions of more than 14 billion beverage cans.

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