SILGAN HOLDINGS ANNOUNCES DIVESTITURE
SILGAN HOLDINGS ANNOUNCES DIVESTITURE STAMFORD, Conn., Nov. 4 /PRNewswire/ -- Silgan Holdings, Inc.
announced today that the company has signed a definitive agreement for the sale of all its plastic (P.E.T.) soft drink container assets to Constar International Inc. The assets include production facilities located in West Chicago, Ill. and in Maumee, Ohio. In addition, certain production equipment, currently located in Langhorne, Pa., and Seymour, Ind., used in the manufacture of such containers, is being sold.
Greg Horrigan, Silgan's chairman and chief executive officer, said the company considers this divestiture a very positive step in focusing its attention on the target market of custom-designed P.E.T. containers for the food, health and beauty, water and liquor, and household chemical markets. Silgan will supply these markets with containers from its P.E.T. plants in Seymour, Ind.; Langhorne, Pa.; Monroe, Ga.; Anaheim, Calif., and its eight high density polyethylene blow molding plants strategically located throughout the United States and Canada. The company declined to reveal the specific terms of the transaction but stated that 1992 earnings would be favorably impacted as a result of the transaction. Silgan is a major manufacturer of steel and aluminum containers for the food and pet food markets, as well as plastic containers for the food, household, pharmaceutical and personal care markets. Silgan operates 25 production facilities in the United States and Canada. -0- 11/4/91 /CONTACT: Toby Rankin, 203-975-7110, or Russ Gervais, 314-537-4396, for Silgan/ (CTR) CO: Silgan Holdings, Inc.; Constar International Inc. ST: Connecticut, Tennessee IN: MNG SU: TNM KD -- NY089 -- 0967 11/04/91 17:59 EST
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|Date:||Nov 4, 1991|
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