US-based rigid packaging supplier Silgan has completed its previously announced acquisition of all the assets of plastic closures producer Portola Packaging for $266m.
The acquisition includes Portola's eight facilities that are operated across North America and Europe.
Both companies will integrate their synergies within eighteen months from closing, which is expected to strengthen the position as well as earnings.
Silgan has funded the purchase price through revolving loan borrowings under its senior secured credit facility.
In 2012, Portola Packaging had reported annual sales of about $200m, while Silgan's annual net sales reached to about $3.6bn for the year.
Currently, Silgan operates 89 manufacturing facilities in North and South America, Europe and Asia to supply metal, composite and plastic closures for food and beverage products.
Additionally, Silgan provides plastic containers for shelf-stable food and personal care products in North America.
