BROOMFIELD, Colo. (AP) -- Plastic and metal packaging company Ball Corp. said Thursday it will close its metal beverage packaging manufacturing plants in Kansas City, Mo., and Guayama, Puerto Rico.
The closures will affect about 180 workers in Kansas City and 70 workers in Guayama, Ball said.
The Guayama plant is expected to close by the end of 2008 and the Kansas City plant is expected to close by the end of the first quarter of 2009.
The company said it will record an after-tax charge of about $32 million. About $28 million of the charge will be recorded in the company's fourth quarter with the remainder recorded in the first quarter of 2009.
Ball said it will likely save more than $30 million in costs in 2009 from closing the plants.
Closing the plants will also reduce 12-ounce can capacity in the company's manufacturing system, the company said. The Kansas City plant had annual capacity to produce 1.1 billion cans in several sizes. The Guyama plant's annual capacity was 700 million 12-ounce cans.
Ball shares rose $2.63, or 8.5 percent, to $33.51 in morning trading. The stock has ranged from $27.37 to $56.20 over the past year.