Silgan Holdings Inc. (Stamford, CT), a supplier of consumer goods packaging products, acquired IPEC Global Inc., a plastic closure manufacturer serving primarily the North American dairy and juice markets. IPEC had sales of approximately $35 million for the last 12 months, and is headquartered in New Castle, PA. The purchase price was funded through available cash on hand, and the transaction is expected to be slightly accretive to earnings in 2011.
“We believe IPEC provides an excellent line extension to our closures business,” said Bob Lewis, Silgan’s executive VP and CFO. “With manufacturing facilities in New Castle, Pennsylvania and Brewton, Alabama, we believe IPEC has built a strong competitive position in plastic closures for the dairy and juice markets. The IPEC business has an excellent reputation for their quality and design capability and is well recognized by customers for their outstanding technical service capabilities. Combined with our existing closures business, this transaction provides new opportunities to broaden our existing franchise.”...