Silgan Holdings Announces Acquisition of Canadian Plastic Blow Molder, Cousins-Currie Limited
STAMFORD, Conn., Dec 21, 2006 (BUSINESS WIRE) --
Copyright Business Wire 2006
Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of consumer
goods packaging products, announced today the acquisition of
substantially all of the assets of Cousins-Currie Limited, a leading
Canadian blow molder of custom designed large-ware plastic bottles.
The business, which had sales of approximately CAD $55 million (or
approximately US $48.4 million at current exchange rates) for the
latest twelve months, is headquartered in Woodbridge, Ontario. The
purchase price of CAD $48.3 million was financed primarily with
Canadian dollar borrowings under the Company's bank credit facility.
The transaction is expected to be slightly accretive to earnings in
2007.
"We believe Cousins-Currie represents an excellent fit with our
Canadian plastics business," said Bob Lewis, Silgan's Executive Vice
President and Chief Financial Officer. "With two manufacturing
locations near Toronto, Cousins-Currie is a leading manufacturer of
larger-size, custom designed extrusion blow molded containers for the
agricultural, institutional food, and industrial markets in Canada and
the United States. The Cousins-Currie business has built a strong
reputation for quality and design capability, and has been named one
of the 50 best-managed companies in Canada for the last three years as
determined by an independent study. Combined with Silgan's existing
plastics business, this transaction creates a market leading
competitive position for our custom bottle franchise in Canada," Mr.
Lewis concluded.
Silgan Holdings is a leading North American manufacturer of
consumer goods packaging products with annual pro forma net sales of
approximately $2.8 billion in 2005. Silgan operates 66 manufacturing
facilities in the U.S., Canada and Europe. 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 supplier of metal, composite and plastic
vacuum closures for food and beverage products in North America and
Europe.
Statements included in this press release, which are not
historical facts, are forward looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995 and the Securities Exchange Act of 1934. Such forward looking
statements are made based upon management's expectations and beliefs
concerning future events impacting the Company and therefore involve a
number of uncertainties and risks, including, but not limited to,
those described in the Company's Annual Report on Form 10-K for 2005
and other filings with the Securities and Exchange Commission.
Therefore, the actual results of operations or financial condition of
the Company could differ materially from those expressed or implied in
such forward looking statements.
SOURCE: Silgan Holdings Inc.
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