Yahoo Finance Crown Holdings (CCK) & Velox Tie Up to Offer Digital Solution
Crown Holdings, Inc. CCK joins forces with Velox Ltd to offer beverage products with a cutting-edge digital decoration technology for straight wall and necked aluminum cans.
Velox is an innovative developer and manufacturer of direct-to-shape digital decoration solutions. Both companies are working with major beverage brands to expand their product offerings on the rising global demand for more innovative digital decoration solutions.
The innovative technology and solutions create larger brand design options with more than five-time running speed compared with the existing digital solutions and features.
Beverage brands can now utilize the latest technology’s several benefits, primarily the implementation of lower production volumes that do not meet the traditional printing constraints. The Velox technology and solutions not only provide a photorealistic quality and wider color gamut for graphics but are also able to quickly produce an accurate print proof of a package. For the smaller brands, the technology provides improved sustainability over traditional plastic shrink wrap and labels that hamper the aluminum can recycling process.
Beverage manufacturers prefer aluminum cans over plastics due to consumer convenience, long shelf-lives, infinite recyclability and a 360-degree shelf appeal. Beverage brands of all sizes across the multiple product categories can access these features easily with Velox’s high-speed, dynamic solution. This technology helps advance digital printing for beverage cans with a greater speed, high-quality, top-notch design and features. This innovative solution’s exclusive feature provides a running speed of up to 500 cans per minute, which is significantly higher than the previous limits of 90 cans per minute for the comparable-quality digitally-printed beverage cans. Crown Holdings expects that the commercial can production will commence within 2022.
As demand for beverage cans is likely to surpass supply in the near term, the company is anticipated to gain from this global trend. Crown Holdings continues to implement several beverage-can capacity-expansion projects in a bid to meet this surging demand. Strategic acquisitions in geographic areas and product lines will aid the company to capitalize on this trend. Additionally, the beverage-can demand has been surging on the COVID-19 crisis as customers are opting to buy multiple packs of beverages and packaged products that can be consumed on-the-go. The global beverage-can industry is expected to grow by approximately 100 billion units by 2025.
Crown Holdings and some other prominent players in the Industrial Products sector like Ball Corporation BLL, Silgan Holdings Inc. SLGN and Sealed Air Corporation SEE are implementing pricing and cost-control actions to offset the inflationary pressure.
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