Silgan Holdings Inc., a leading supplier of consumer goods packaging products headquartered in Stamford, CT, has it has acquired IPEC Global, Inc., a leading plastic closure manufacturer serving primarily the North American dairy and juice markets. The business, which had sales of approximately US$35-million over the past twelve months, is headquartered in New Castle, Pa. The purchase price was funded through available cash on hand, with the transaction expected to be slightly accretive to earnings in 2011.
“We believe IPEC provides an excellent line extension to our closures business,” says Bob Lewis, Silgan’s executive vice-president and chief financial officer. “With manufacturing facilities in New Castle, Pennsylvania and Brewton, Alabama, we believe IPEC has built a strong competitive position in plastic closures for the dairy and juice markets. The IPEC business has an excellent reputation for their quality and design capability and is well recognized by customers for their outstanding technical service capabilities. Combined with our existing closures business, this transaction provides new opportunities to broaden our existing franchise.”
Silgan is a leading manufacturer of consumer goods packaging products with annual net sales of approximately US$3.1-billion in 2009. Silgan operates 66 manufacturing facilities in North and South America, Europe and Asia. In North America, Silgan is the largest supplier of metal containers for food products and a leading supplier of plastic containers for personal care products. In addition, Silgan is a leading worldwide supplier of metal, composite and plastic vacuum closures for food and beverage products.
For more information on IPEC, visit www.ipec.com.
For more information on Silgan, visit www.silgan.com.