Financial Astrology of Ball Corporation

FINANCIAL ASTROLOGY

First Trade Date for Ball Corporation

Company Name	First Trade Date (yyyy-mm-dd)
Ball Corporation	1973-12-17

Company Name	Symbol
Ball Corporation	BLL
History and Business of Company (this information may include date of incorporation)
Ball Corporation was organized in 1880 and incorporated in Indiana in 1922. Its principal executive offices are located at 10 Longs Peak Drive, Broomfield, Colorado 80021-2510. The terms "Ball," "the company," "we" or "our" as used herein refer to Ball Corporation and its consolidated subsidiaries. Ball is a manufacturer of metal and plastic packaging, primarily for beverages and foods, and a supplier of aerospace and other technologies and services to commercial and governmental customers. The following sections of the 2002 Annual Report to Shareholders contain financial and other information concerning company business developments and operations, and are incorporated herein by reference: the notes to the consolidated financial statements including "Business Segment Information" (Note 2), "Acquisitions" (Note 3), "Business Consolidation Costs and Other" (Note 4) and "Management's Discussion and Analysis of Financial Condition and Results of Operations." On December 19, 2002, Ball acquired 100 percent of the outstanding shares of Schmalbach-Lubeca GmbH (a European beverage can manufacturer) for an initial cash purchase price of(euro)922.3 million (approximately $948 million), plus acquisition costs of $11.6 million, refinancing costs of $28.1 million and the assumption of approximately $20 million of debt and $11 million of unencumbered cash. In addition, the company assumed approximately $300 million of unfunded pension liabilities. The final acquisition price will be reduced by working capital and other adjustments estimated to be $23.9 million. With this acquisition, now known as Ball Packaging Europe, we became one of the world's largest manufacturers of metal beverage cans with the ability to produce over 45 billion cans annually, and we gained entry into the European market, of which Ball Packaging Europe's share was approximately 31 percent in 2002. In addition, we believe that in the first year of combined operations, the acquisition will be accretive to our earnings per share and provide us returns on our capital invested in excess of our weighted average cost of capital. On a pro forma basis, the acquisition significantly increases our 2002 sales from $3.8 billion to $4.9 billion. In connection with the acquisition, we refinanced the company and, as a result, recorded an after-tax extraordinary charge from the early extinguishment of debt of $3.2 million (6 cents per diluted share). The refinancing, including related costs, was completed with the placement of $300 million in 6.875% senior notes due 2012 and $1.1 billion from borrowings under new long-term multi-currency senior credit facilities. On March 11, 2003, we acquired Metal Packaging International, Inc. (MPI), a manufacturer of aluminum beverage can ends for $30.2 million in cash, subject to working capital and other adjustments. MPI produces just over 2 billion ends per year, primarily for soft drink companies, and had sales of approximately $42 million in 2002. MPI's plant, which is located in Northglenn, Colorado, will be closed and the volumes will be consolidated into other Ball facilities. The acquisition is not significant to the North American packaging segment's financial statements. On February 25, 2003, the company announced it will close its Blytheville, Arkansas, metal food container plant to address decreased demand for three-piece welded cans. The plant will be closed in the second quarter of 2003 and its operations will be consolidated into the Springdale, Arkansas, plant. The business consolidation will result in a charge of approximately $2.1 million ($1.3 million after tax) including $0.7 million of employee severance and benefit costs and $1.4 million related to decommissioning costs and an impairment charge on the fixed assets. These actions are not expected to have a significant impact on ongoing financial results. In December 2002 Ball announced it would relocate its plastics office and research and development facility from Atlanta, Georgia, to Colorado. In connection with the relocation, we recorded a pretax charge in 2002 of $1.6 million ($1 million after tax) for employee-related and decommissioning costs and impairment of the leasehold improvements related to a leased facility. The office relocation is expected to be completed in 2003 and the R&D facility by the end of 2004.

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