Peopleflex

Carve-out of Business Unit
Debt Refinancing
SEC Reporting

Completed carve out of $700 million business unit, and supported $3 billion debt refinancing and SEC reporting during transition

Company Background:

Crown Holdings is the world's packaging leader and an innovative force in breakthrough packaging technologies with 2004 net sales of approximately $7 billion. They have operations in more than 40 countries and employ over 28,000 people.

Business Challenge:

During an 18-month period, Crown Holdings was attempting to complete the carve out and initial public offering for a business unit with international operations and revenues of approximately $700 million. In addition, management was reorganizing the company’s debt with value in excess of $3 billion while trying to maintain its accounting and reporting schedule. They needed senior professionals with specific accounting expertise who could oversee components of the projects as well as additional staff to support the increased transaction flow for the 18-month period.

Peopleflex Solution:

Peopleflex supplied a team of contractors with extensive accounting, reporting, and treasury expertise to help perform the carve-out, complete the public offering, and provide accounting support during the transition. We helped create financial statements for the new entity, migrate to a new financial system, file the S-1 document, and transition accounting operations to a new internal team. During the transition period, we supported filings of multiple 10-Qs and 10-Ks, various government reporting, and the aforementioned debt refinancing.

Value Delivered:

By using Peopleflex, Crown Holdings was able to utilize the expertise they needed to accomplish complex accounting directives without missing any reporting deadlines or hiring additional full-time employees.