Jan 2 2007
Silgan Holdings Inc., a leading supplier of consumer goods packaging products, announced the acquisition of substantially all of the assets of Cousins-Currie Limited, a leading Canadian blow molder of custom designed large-ware plastic bottles. The business, which had sales of approximately CAD $55 million (or approximately US $48.4 million at current exchange rates) for the latest twelve months, is headquartered in Woodbridge, Ontario. The purchase price of CAD $48.3 million was financed primarily with Canadian dollar borrowings under the Company's bank credit facility. The transaction is expected to be slightly accretive to earnings in 2007.
"We believe Cousins-Currie represents an excellent fit with our Canadian plastics business," said Bob Lewis, Silgan's Executive Vice President and Chief Financial Officer. "With two manufacturing locations near Toronto, Cousins-Currie is a leading manufacturer of larger-size, custom designed extrusion blow molded containers for the agricultural, institutional food, and industrial markets in Canada and the United States. The Cousins-Currie business has built a strong reputation for quality and design capability, and has been named one of the 50 best-managed companies in Canada for the last three years as determined by an independent study. Combined with Silgan's existing plastics business, this transaction creates a market leading competitive position for our custom bottle franchise in Canada," Mr. Lewis concluded.