Ball Corp , the world's largest supplier of beer cans, is exploring a sale of its business that provides aerospace and national defense hardware, such as sensors and antennas, for over $5 billion, people familiar with the matter said on Friday.
No deal is certain, said the sources, who requested anonymity because the matter is confidential. Spokespeople for Ball and Textron did not immediately respond to requests for comment, while BAE declined to comment.
Ball shares rose 7% to $58.57 in afternoon trading in New York on Friday, giving the company a market value of more than $18 billion. Ball established its aerospace division in the 1950s. It flourished to become a key contractor in areas such as earth science, aerial exploration and national security and intelligence programs.
Ball's aerospace technology enables the National Aeronautics and Space Administration to map global water resources, and helps the National Oceanic and Atmospheric Administration track weather conditions. It also serves commercial clients. The aerospace business has been generating steady albeit limited cash flow for Ball, accounting for $170 million out of its $1.45 billion in comparable operating earnings in 2022.
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