US-based rigid packaging company Silgan has acquired Westrock’s dispensing systems business for $1.025bn.

The value of the deal is subject to adjustments outlined in the purchase agreement announced in January.

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The purchase price for the deal was funded using term and revolving loan borrowings under Silgan’s senior secured credit facility, including a $800m delayed draw term loan.

WestRock’s dispensing system business currently provides highly engineered triggers, pumps, sprayers and dispensing closure solutions to major brands in the home, health and beauty markets.

“This acquisition significantly enhances the scope and breadth of our market leading closure franchise by bringing new capabilities in the highly engineered dispensing systems category."

The company has 13 plants across North America, Europe, South America and Asia.

During the announcement of the acquisition, Silgan Holdings president and CEO Tony Allotthad said: “This acquisition significantly enhances the scope and breadth of our market leading closure franchise by bringing new capabilities in the highly engineered dispensing systems category

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“This business has a long history as a differentiated packaging franchise with deep customer relationships, a clear focus on the needs of its customers and markets and a strong track record for product innovation to meet these needs.

“This acquisition allows us to further build relationships with common global customers, provides significant opportunities for cost synergies, creates an incremental platform for growth and strongly enhances our free cash flow.”

With 100 manufacturing facilities in North and South America, Europe and Asia, Silgan currently provides metal and plastic closures and dispensing systems for the food, beverage, healthcare, garden, home and beauty industries.