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  • Friday, November 22, 2024

Report: Ball Launches Auction Process for Aerospace Business

Ball Corp. (NYSE: BALL) has begun exploring potential buyers of its estimated $5 billion aerospace business through an auction process, Reuters reported Friday.

The aerospace unit constituted 13 percent of the Westminster, Colorado-based company’s 2022 revenue and has drawn interest from Textron (NYSE: TXT), BAE Systems and other defense companies, according to the report.

Apart from aerospace components, the segment also provides sensors, antennas and other defense hardware and has become a key vendor in intelligence and national security programs, aerial exploration and Earth science, among other areas.

Shares at Ball jumped 7 percent in Friday’s afternoon trading session, activity that gave the manufacturing firm $18 billion in market capitalization.

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