Crown Holdings, Inc. (NYSE: CCK)

Crown Holdings, Inc. is a leading global diversified packaging business that manufactures metal cans and ends for the beverage, food, and aerosol industries, as well as a wide range of transit packaging products and solutions from multiple substrates including steel, paper, and plastic. The company operates in the packaging industry, providing solutions that cater to various sectors such as metals, food and beverage, construction, agricultural, corrugated, and general industries. With a history dating back to 1892, Crown Holdings has established itself as a key player in the packaging sector, offering innovative and sustainable packaging solutions.

Crown Holdings generates revenue through the sale of its metal cans and ends, as well as transit packaging products. The company's primary products include aluminum and steel beverage cans and ends, food cans, aerosol cans, closures, and a variety of transit packaging solutions such as automation and equipment technologies, protective packaging, and steel and plastic consumables. These products cater to a diverse customer base, including manufacturers of food, personal care, household, and industrial products. The company's revenue is derived from operations worldwide, with a significant portion coming from outside the United States.

• Americas Beverage: This segment manufactures infinitely recyclable aluminum beverage cans and ends, glass bottles, steel crowns, and aluminum caps. Manufacturing facilities are located in the U.S., Brazil, Canada, Colombia, and Mexico. The segment had net sales of $5.6 billion and segment income of $1,030 million in 2025.

• European Beverage: This segment produces infinitely recyclable aluminum beverage cans and ends in Europe, the Middle East, and North Africa. The segment reported net sales of $2.3 billion and segment income of $334 million in 2025.

• Asia Pacific: This segment manufactures infinitely recyclable beverage cans and ends, food cans, and specialty packaging in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand, and Vietnam. The segment had net sales of $1.1 billion and segment income of $183 million in 2025.

• Transit Packaging: This segment includes automation and equipment technologies, protective packaging solutions, and steel and plastic consumables. The segment had net sales of $2.0 billion and segment income of $258 million in 2025.

Crown Holdings operates in a highly competitive industry, facing competition from other packaging manufacturers as well as fillers, food processors, and packers. Key competitors include Ardagh Metal Packaging, Ball Corporation, Baosteel Packaging, Can-Pack S.A., Metal Container Corporation, Silgan Holdings Inc., Sonoco, and Trivium Packaging. The company's competitive advantages lie in its global reach, ability to provide quality service, innovation, and technologies in a cost-effective manner. Crown Holdings also leverages its inherent eco-friendly benefits of metal packaging to advance toward its sustainability targets, which sets it apart from competitors.

The company's largest beverage can customers include leading manufacturers and marketers of packaged consumer products such as Anheuser-Busch InBev, Coca-Cola, Heineken, Keurig Dr Pepper, Molson Coors, Pepsi-Cola, and Refresco. Crown Holdings also supplies independent licensees of Coca-Cola and Pepsi-Cola. The top ten global customers represented approximately 48% of the company's 2025 consolidated net sales. The company's customer base is concentrated, with the loss of one or more major customers potentially having a material adverse effect on individual segments or the company as a whole.