“The proposed acquisition of Weener represents the continuation of our strategy to expand our global Dispensing and Specialty Closures franchise and a clear example of the effectiveness of our disciplined capital allocation model to create value for our shareholders,” said Adam Greenlee, President and CEO. “The combination of Weener’s innovative product offering, advanced manufacturing technologies and efficient operating footprint, strong customer relationships and presence in growing consumer markets, including personal and health care, complements our existing dispensing business well. As with prior acquisitions in Dispensing and Specialty Closures, Weener has established its market position through innovation, cost leadership and an intense focus on partnering with their customers to meet demanding market requirements,” continued Mr. Greenlee. “As the Silgan portfolio continues to evolve, we believe we are well positioned to succeed in the market as the dispensing partner of choice by maintaining our relentless focus on being the best at what we do and meeting the unique needs of our customers,” concluded Mr. Greenlee.
For the twelve months ended May 31, 2024, Weener generated sales of approximately €450 million and adjusted EBITDA of €96 million. Silgan expects to realize operational cost synergies of approximately €20 million within 18 months following the closing of the proposed acquisition. These synergies are expected to be achieved through a combination of procurement savings, manufacturing efficiencies and other operational synergies. The acquisition is expected to be accretive to adjusted earnings per share in 2025.
