Crown Holdings ( CCK) closed the sale of its Global Plastic Closures business to an affiliate of PAI partners, a European private equity firm, for $750 million including the assumption of certain liabilities.

The Philadelphia packaging company, formed in the 2003 refinancing of the former Crown Cork & Seal, said net cash proceeds were $690 million, subject to final working capital, net debt and certain other adjustments. Crown expects to use the net proceeds of the sale for general corporate purposes including the repayment of debt.

On Wednesday, shares of Crown slipped 64 cents to $15.54.

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