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Heineken has sold its Mexican packaging business to US firm Crown Holdings in a deal worth $1.23bn (£740m).

The Dutch brewing company said that the sale of Empaque would generate a one-off gain of $300m.

Empaque, which made revenues of $660m last year, will continue to supply Cuauhtémoc Moctezuma, Heineken's subsidiary in Mexico.

The deal will be completed by the end of this year if it is approved by regulators.

Heineken that the divestment would allow it "to focus its resources fully on brewing, marketing and selling its world-class portfolio of beer brands".

Last month, Heineken reported a better-than-expected profit of 1.45bn euros, compared with 1.33bn euros a year earlier.

Empaque was bought by Heineken in 2010 and produces metal beverage cans, crown corks, aluminium closures and glass bottles.