Silgan Announces Acquisition of Nestlé Purina's Steel Can Making Assets
Silgan had already begun to supply Nestlé Purina with cans for qualification purposes earlier this year.
Sep 7 2011 --- Silgan Holdings Inc., a leading supplier of rigid consumer goods packaging products, announced that it has completed the acquisition of Nestlé Purina PetCare Company's steel can making assets for its pet food products and in connection with the acquisition has entered into a long-term supply agreement with Nestlé Purina PetCare Company.
"We are very excited to expand our partnership with Nestlé, one of our largest customers," said Tony Allott, President and CEO of Silgan. "This transaction enhances our market leading position in food cans, allowing us to further leverage our broad manufacturing platform to continue to provide competitive advantage to customers such as Nestlé," concluded Mr. Allott.
The purchase price for the acquired assets was $25 million. Silgan had already begun to supply Nestlé Purina with cans for qualification purposes earlier this year and, as such, the impact of this transaction has already been included in the Company's earnings guidance.
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