We have, for the most part, in the Middle East and Asia ventures with partners who are also fillers. And in some of those markets, it would be very difficult to participate and grow the business without a venture partner. In South America, we have a partner who’s quite happy to be invested in the business. I don’t think they’re in any way contemplating wanting to sell their interest? So it’s a relationship and a partnership agreement that we’ve had in place for 30 years, and we continue to operate as such.
Niccolo Piccini: Understood. Thank you. And just one follow-up, I apologize if I missed it earlier on the call, but can you cover the utilization rates by segment?
Timothy Donahue: By segment?
Niccolo Piccini: By geography?
Timothy Donahue: I’ll do beverage for you. Because the other, the other markets, the other business lines, not so important. But North America, I think were utilized mid-90s. I think there is in Asia, with the capacity reduction, we’re going to be in the low 80s, which is pretty well utilized in a market like Asia. I would say in Europe and Brazil, Mexico were again mid-90s. Europe and Brazil, again in the low to mid-80s, high 80s, something like that.
Niccolo Piccini: Got it. Thank you very much. I’ll turn it over.
Timothy Donahue: You’re welcome.
Operator: We have our last question from Edwin Rodriguez [ph] of Mizuho Securities. Sir, your line is now open.
Unidentified Analyst: Thank you. Good morning, everyone. I mean Tim take a quick question for you on transit. I mean in the past, you’ve talked about how this is like a very good business which doesn’t get much love from investors or analysts, and you wish you had more businesses like that. Stable, low mid-teens margins doesn’t require much capital. The question is, would you be interested, or can you still get bigger there? Like other opportunities to get bigger in that space?
Timothy Donahue: There are — we in as a matter of strategy or principle, and I’m going to take you back to late 2019. We delivered a strategy to the shareholders that more or less told the world that all of our growth would be focused on the beverage can businesses that we had around the world that we would not look to grow other businesses. So again, it’s always a use of capital argument, but you just summarized for me, and I don’t want to sound like I’m defensive, but you just summarized for me. I have a business where I spend no capital. And let’s be clear, just like you said, nobody gives us love for the business. I can assure you, the people in my transit business think I don’t give them any love either, because I don’t give them any money.
So we could always spend more money. But I think, as we said when we acquired the business that the growth in that business would more or less be from bolt-on acquisitions. There are still numerous opportunities to acquire businesses which are either directly in the same business that transit operates in or adjacent. And there are numerous of those businesses make EBITDA margins in the 20% to 25% range. And there’s an old saying, if you want to trade for a better multiple, you better buy better businesses. So we’re not, we’re not opposed to growing the business. But our sense right now is the, that our investor base would prefer to see us pay down the debt and buy back shares as opposed to grow that business. So we use that business to harvest cash.
That allows us to not only invest in beverage, but pay a dividend, buy back stock, and delever. So there are opportunities to grow it. But we don’t see that as the mandate from the investor base at this point.
Unidentified Analyst: Thank you. I think that’s the right strategy. Thank you very much.
Timothy Donahue: You’re welcome. Elle, did you say that was the last question, Elle?
Operator: Yes, you’re right, sir.
Timothy Donahue: Well, thank you very much. That concludes today’s call and we thank you all for joining and we’ll speak to you again in three months. Bye now.
Operator: Thank you again. That concludes today’s conference. Thank you everyone for joining. You may now disconnect and have a great day.
