Crown Holdings, Inc., of Yardley, is purchasing back $3 billion in shares from its stockholders. The manufacturer of cans for beverage producers like Heineken and Pepsi-Cola cites its strong financial position as the motivator behind the move. Natalie Kostelni had the story for the Philadelphia Business Journal.

Crown said the effort “reflects the company’s strong balance sheet and cash from operations, allowing investment in the business and return of cash to its shareholders.”

It shares have traded at a low of $85.65 and a high of $114.55 over the past 52 weeks. Shares were trading at $107.40 early last week.

The company has a market cap of $13.73 billion.

Crown had been a Philadelphia-based container manufacturer for consumer brands like Coca-Cola for 60 years. It moved to Yardley in 2018 and sold the Northeast Philadelphia headquarters.

More on this Crown Holdings planned shift in equity is at the Philadelphia Business Journal.