Silgan Holdings has announced its intention to acquire plastic closures manufacturer Portola Packaging, Inc., in a deal valued at US$266 million.
With sales of approximately $200 million in 2012, Portola Packaging operates eight facilities in North America and Europe.
Silgan Holdings is a leading supplier of rigid packaging for shelf-stable food and other consumer goods products, with annual net sales of approximately $3.6 billion in 2012.
Silgan operates 81 manufacturing facilities in North and South America, Europe and Asia, is a leading supplier of metal containers in North America and Europe, and is a leading worldwide supplier of metal, composite and plastic vacuum closures for food and beverage products.
Bob Lewis, Silgan executive vice president and CFO, says the acquisition will give the company the opportunity to expand its “relatively small” European plastic closure presence through Portola’s manufacturing facilities in the UK and the Czech Republic.
“We believe that the acquisition of Portola broadens our global closure franchise,” says Lewis.
“Portola has a strong reputation as an innovator in closure design and operational leadership.
“As a result, we believe this acquisition will be highly synergistic with our existing closure business, while providing a broader platform to service our customers’ market needs.”
