Crown to transfer $740M in US pension obligations to MassMutual; Q3 non-cash charge ~$450M

CROWN HOLDINGS, INC.

Agreement to purchase group annuity contract from MassMutual covering approximately 12,000 participants.
Crown to contribute ~$100M into the plan; eliminate ~$740M in both assets and liabilities.
One-time non-cash charge of ~$450M ($340M after tax) to be recorded in Q3 2024.
Combined annuitizations since 2021 total ~$4 billion of pension liabilities across US, Canada, UK.
Company reaffirms FY 2024 adjusted free cash flow guidance of at least $750 million.

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