Oct 13 2010
BWAY Holding Company, a leading North American supplier of general line rigid containers, today announced that the Company has acquired Plastican, Inc., a leading U.S. producer of injection molded plastic containers, in a stock purchase transaction.
Plastican, headquartered in Leominster, MA, produces a wide range of innovative plastic pails used for packaging industrial and consumer products. The Company operates four manufacturing plants located in Leominster, MA, Macon, GA, Dallas, TX, and Phoenix AZ, and generated net sales of $90 million in 2009. The acquisition was funded with available cash on hand.
Commenting on the acquisition, Ken Roessler, BWAY's President and Chief Executive Officer, stated that, "This business is an excellent fit with the Company's core market add-on acquisition strategy. In addition to sales and market share growth, this acquisition expands our product offering with innovative new products which further support the Company's goal of positioning BWAY as the premier supplier for rigid general line packaging. We expect to realize significant synergies from this acquisition, including potential future plant rationalizations."
John Clementi, Plastican's CEO also commented on the transaction stating that, "BWAY is the perfect partner to advance the legacy of innovative designs and quality that Plastican has always brought to the marketplace."