Dutch brewing company Heineken has sold off its Mexican packaging business, Empaque, to a US firm in a deal worth $1.23 billion (£740 million).

The transaction is expected to close by the end of the year and is subject to customary closing conditions and required regulatory approvals.  

Heineken said that the deal would help it to “focus its resources fully on brewing, marketing and selling its world class portfolio of beer brands”.

Empaque’s transfer of ownership to Crown, a dedicated, global leader in consumer packaging, will benefit the development of EMPAQUE in the long term and is expected to deliver additional career opportunities for its employees.