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Ambassador Mussomeli (left) and Deputy Prime Minister Sok An (right) view an exhibit on the can making process.
American Company Invests $30 Million in Cambodian Can Factory
Phnom Penh
December 04, 2007
Aluminum can manufacturer Crown Beverage Cans Cambodia Ltd. is the latest U.S.-affiliated company to set up shop in Cambodia with the opening of a $30 million factory in Phnom Penh. The new factory fills a void for aluminum can producers in Cambodia and can produce up to 500 million cans per year. The factory’s grand opening was presided over by Deputy Prime Minister H.E. Sok An, U.S. Ambassador to Cambodia Joseph A. Mussomeli, and Chairman and CEO of Crown Holdings Inc. John Conway.
In his remarks, Ambassador Mussomeli welcomed Crown Holdings Inc. into its 42nd country of operations and observed that Cambodia is a rapidly developing country with "one of Asia's most liberal regimes for foreign investors." He noted, however, the need for Cambodia to "diversify its economy away from textiles and tourism and to develop a broader economic base." He cited reforms which have led to a better business environment and highlighted the challenges corruption poses to foreign investment. The Ambassador ended by saying, "I hope this type of modern development in Cambodia speaks well for the joint economic and political development of Cambodia’s people that will in turn attract more investors and more factories."
John Conway noted that the $30 million investment represents a significant commitment by his company to Cambodia and said that Crown Holdings is "determined to offer to all of our customers a truly world class manufacturing operation."
Deputy Prime Minister Sok An also hailed the opening of the new factory and noted the expanding bilateral relationship between Cambodia and the United States. He cited the arrival of American companies like Chevron, GE, and Crown Holdings and said he hopes more U.S. companies will come to Cambodia in the future.
Crown Beverage Cans Cambodia is a part of Crown Holdings Inc., a publicly traded company on the New York Stock Exchange, based in Philadelphia, Pennsylvania. Crown has its origin in the 1892 invention of the bottle cap by William Painter. Since then Crown has grown into a world-class company with net sales of $6.9 billion from operations in 42 different countries. The Asia-Pacific Crown operations include a total of 13 factories in China, Vietnam, Singapore, Thailand, Malaysia, and now Cambodia, with annual net sales of $482 million in 2006. According to Fortune magazine, in 2007, Crown Holdings Inc. was the 378th largest corporation in the United States.
