Silgan, a US-based sustainable rigid packaging solutions supplier, has completed its acquisition of Weener Plastics.
The acquisition, valued at €838m ($908m), was initially agreed upon in July this year.
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Weener Plastics, headquartered in Ede, the Netherlands, is known for offering dispensing solutions to the personal care, food, and healthcare sectors.
The company boasts a network of 19 facilities across Europe and the Americas, employing around 4,000 people.
Its proprietary manufacturing technologies include clean room capabilities.
To finance the acquisition and related costs and expenses, Silgan utilised borrowings under its senior secured credit facility, which included a €700m incremental-term loan.
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By GlobalDataSilgan anticipates operational cost synergies from the acquisition to reach approximately €20m within the next 18 months.
The transaction is projected to have a positive impact on Silgan’s financial performance.
It is expected to be slightly accretive to adjusted earnings per share in 2024 and could lead to approximately 10% accretion when fully integrated with synergies realised.
Headquartered in Stamford, Connecticut, Silgan supplies dispensing and speciality closures, metal containers, and custom containers for a variety of consumer goods, including food, beverage, and personal care products.
The company is said to be one of the leading suppliers of custom containers for shelf-stable food and personal care products in North America.
It operates 124 manufacturing facilities spread across North and South America, Europe, and Asia.
In the first quarter of fiscal year 2024 (FY24), Silgan reported a 7% decrease in net sales, amounting to $1.31bn compared with $1.41bn in the same period in FY23.
