Silgan Holdings Agrees To Acquire Weener For EUR 838 Mln

(RTTNews) - Silgan Holdings Inc. (SLGN) announced on Tuesday that it has reached an agreement to acquire Weener Plastics Holdings B.V. for an enterprise value of 838 million euros.

Weener is known for producing specialized dispensing solutions for personal care, food, and healthcare products, and has 19 facilities primarily located in Europe and the Americas, employing around 4,000 people.

Adam Greenlee, president and CEO said, "The combination of Weener's innovative product offering, advanced manufacturing technologies and efficient operating footprint, strong customer relationships and presence in growing consumer markets, including personal and health care, complements our existing dispensing business well."

Silgan anticipates achieving operational cost synergies of about 20 million euros within 18 months after the acquisition closes.

To finance the acquisition, Silgan plans to use a mix of available cash and borrowings from its senior secured credit facility.

The acquisition is expected to be completed in the fourth quarter of 2024.