Silgan To Purchase Portola Packaging For Approx. $266 Mln - Quick Facts

(RTTNews) - Silgan Holdings Inc. (SLGN) Tuesday announced agreement to purchase Portola Packaging, Inc., a leading manufacturer of plastic closures, for approximately $266 million.

The acquisition will broaden Silgan's global closure franchise, while providing a broader platform to service its customers' market needs.

The acquisition is expected to be slightly accretive to earnings initially, excluding the impact of the required purchase accounting write-up of inventory.

Silgan expects to fund the acquisition from a combination of cash on hand and borrowings under the company's senior secured credit facility. The transaction is expected to close in September, subject to certain customary conditions and regulatory approvals.