- Silgan Holdings Inc (NASDAQ:SLGN) has acquired Easytech Closures S.p.A. for €31.5 million ($36.5 million), subject to customary adjustments, including net debt and working capital.
- Easytech Closures manufactures and sells easy-open and sanitary metal ends used with metal containers primarily for food applications in Europe.
- Easytech Closures operates a manufacturing facility in Fisciano, Italy, and is projected to generate about €38 million ($45 million) in sales in 2021.
- Silgan expects the acquisition to be slightly accretive to its 2021 earnings, excluding the impact of required purchase accounting adjustments, with additional accretion in 2022.
- With the acquisition, Silgan expects to realize annual synergies of about €4.1 million ($4.9 million) within 12 months.
- Silgan funded the purchase with revolving loan borrowings under its senior secured credit facility. It held $164.82 million in cash and equivalents as of June 30, 2021.
- Also Read: Silgan Acquires Unicep Packaging For $237M
- Price Action: SLGN shares are trading higher by 2.55% at $38.61 on the last check Monday.
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