Sustainable packaging company Silgan Holdings has announced its acquisition of Gateway Plastics for $485 million, subject to customary adjustments.
Gateway manufactures and sells dispensing closures and integrated dispensing packaging solutions to companies within the food and beverage sectors.
Silgan “funded the purchase price for this acquisition with revolving loan borrowings under its senior secured credit facility”.
Adam Greenlee, president and CEO of Silgan, commented: “The acquisition of Gateway is the most recent example of Silgan deploying our disciplined capital allocation model to create shareholder value. We are excited to add the Gateway team and business to our global dispensing and speciality closures franchise.”
He continued: “Gateway has existing capacity for growth as it is very well capitalised with state-of-the-art equipment and market-leading capabilities and, like Silgan, maintains a relentless focus on meeting the unique needs of its customers”.
© FoodBev Media Ltd 2021
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