Subsequent events

6 Months Ended

Jun. 30, 2017

Subsequent events

Subsequent events

21.     Subsequent Events

On July 31, 2017, the company ceased production at its Recklinghausen, Germany, facilities. Additionally, an agreement with the facilities' Works Council(s) was reached allowing for the permanent closures of the Recklinghausen beverage container and end production facilities, which employ approximately 360 individuals at the time of the closures.

As a result of the closures, an after-tax charge of approximately €62 million is expected to be recorded in the company's results. Approximately 80 percent of the charge will be for employee severance, placement, pension and other employee benefit costs, approximately 10 percent will be for equipment removal and cleanup costs and approximately 10 percent will be for accelerated depreciation and write-downs to net realizable value of certain fixed assets, related spare parts and inventory. All charges are expected to be incurred through the end of the second quarter of 2018.

On August 7, 2017, Ball entered into a privately negotiated accelerated share repurchase agreement to purchase approximately $100 million of its common shares using cash on hand and available borrowings.  The transaction is expected to reduce Ball's outstanding common shares by approximately 2.5 million shares, subject to certain conditions and a market price adjustment provision at the conclusion of the transaction.