US-based Silgan Holdings, a leading provider of sustainable rigid packaging solutions for consumer products, has announced the acquisition of Easytech Closures. This company specialises in the manufacture and sale of easy-open, sanitary metal closures used with metal containers mainly for food applications in Europe.
The company has a manufacturing plant in Fisciano, Italy, and is expected to generate around 38 million euros in sales and 6.6 million euros in adjusted Ebitda in 2021.
“Easytech is a leading manufacturer of a broad portfolio of metal tips, including easy-open metal tips, in the European market. We are delighted to welcome Easytech to the team,” says Adam Greenlee, President and CEO of Silgan.
Greenlee confirms, “This acquisition will enable our combined companies to more effectively and efficiently utilize existing metal completions capacity, reduce near-term capital investment and accelerate the completion of an ongoing cost reduction program. Our new acquisition is a further example of our strategy to create shareholder value through a disciplined capital allocation model. We now look forward to successfully integrating our three recent acquisitions.
Silgan expects this acquisition, worth 31.5 million euros, to have a slight positive effect on the company’s earnings in 2021, excluding the impact of the accounting adjustments required for the purchase, and a further positive effect is expected in 2022.
