Silgan buys closure maker Portola
Canadian Plastics
Packaging Rigid PackagingIn a move to broaden its European closures business, U.S.-based rigid packaging maker Silgan Holdings Inc. has bought Portola Packaging, Inc., a leading manufacturer of plastic closures, for US$266 million.
In a move to broaden its European closures business, U.S.-based rigid packaging maker Silgan Holdings Inc. has bought Portola Packaging, Inc., a leading manufacturer of plastic closures, for US$266 million.
Illinois-based Portola, which reported sales of approximately US$200 million in 2012, operates eight facilities in North America and Europe.
“We believe this acquisition will be highly synergistic with our existing closure business, while providing a broader platform to service our customers’ market needs,” said Bob Lewis, Silgan Holding’s executive vice president and CFO Chief Financial Officer.
Silgan Holdings is a leading supplier of rigid packaging for shelf-stable food and other consumer goods products with annual net sales of approximately US$3.6 billion in 2012. The company operates 81 manufacturing facilities in North and South America, Europe, and Asia.
The deal is scheduled to close as early as September.
