With 2012 sales of $8.5 billion, Crown estimates the metal-can market in Europe at $30 billion.
Mivisa, which has 10 factories, including one in Morocco, had sales of $754 million in the year ended June 30. It makes packaging for vegetables, fruit, fish, and meat.
"We were very weak there," Conway, on a conference call with analysts, said of Crown's presence in Spain. "Mivisa is very strong."
He praised Mivisa for its efficiencies and for remaining profitable through Europe's economic troubles: "These people have just maintained tremendous self-discipline."
In a note to investors, Bloomberg News reported, Philip Ng, an analyst at Jefferies Group L.L.C., wrote: "With investors' appetite for companies with leverage to a potential recovery in Europe, we view the acquisition as a positive for Crown's margin profile."
Crown shares rose 7.34 percent, or $2.98, to close Thursday at $43.60.
At the end of 2012, Crown was operating 149 plants in 41 countries and employing 21,856.
Conway told analysts that with the acquisition Crown would seek, by 2016, about $34 million in annual savings through efficiencies in supply chain and logistics.
But, he said, "we're not planning on shutting factories, moving plants; that is not part of our plan at all."
He also said he wants Mivisa managers who are selling their interests in the company to remain on the payroll.
"We've told them we want them all to stay," he said.
Citigroup Inc. will provide loans - $1.7 billion in new and refinanced debt - to fund the deal, Crown said.
in sales in 2012
plants in 41 countries in 2012
in sales for
the year ended June 30
factories, including one
packaging for vegetables, fruit, fish, and meat