BROOMFIELD, Colo.—Ball Corp., which produces metal and plastic product packaging, said Wednesday it will sell an Australian subsidiary to a British defense technology company for $10.5 million.
The sale of Ball Solutions Group Pty Ltd. to QinetiQ Pty Ltd. is expected to be finalized in the first quarter subject to regulatory approval.
The Canberra-based subsidiary, which provides data management and other services to the Australian Department of Defense, is a better strategic fit with QinetiQ, said David L. Taylor, president and chief executive of Ball Aerospace.
“Almost all of Ball Aerospace’s business is in the United States and we did not see any long-term benefit in remaining in Australia,” Taylor said in a statement.
QinetiQ is a London-based defense and security technology company formed in July 2001.
Ball Solutions has about 150 employees in 10 cities in Australia. Ball manufactures metal and packaging products and owns Ball Aerospace & Technologies Corp. Its stock dipped 54 cents to close at $44.46 a share in Wednesday trading.
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