Exhibit 99.1
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News
For Immediate Release SILGAN HOLDINGS INC.
4 Landmark Square
Suite 400
Stamford, CT 06901
Telephone: (203) 975-7110
Fax: (203) 975-7902
Contact:
Anthony J. Allott
(203) 975-7110
SILGAN HOLDINGS COMPLETES ACQUISITION OF
METAL AND PLASTIC CLOSURES MANUFACTURER
STAMFORD, CT, March 4, 2003 -- Silgan Holdings Inc. (Nasdaq:SLGN) today
announced that it has completed its acquisition of the remaining 65 percent
equity interest in Amcor White Cap LLC, a joint venture of the Company. This
business, which will now operate under the name Silgan Closures, is a leading
supplier of an extensive range of metal and plastic closures to consumer goods
packaging companies in the food and beverage industries in North America. The
business, which had sales of approximately $250 million in 2002, is
headquartered in Chicago and operates 7 manufacturing facilities in the United
States and Mexico. The Company paid $37.1 million for the remaining 65 percent
equity interest and refinanced approximately $90 million of debt of the
business.
The Company also announced today that it has closed on $150 million of
incremental term loan borrowings under its existing senior secured credit
facility. The proceeds from this borrowing were used to fund the acquisition and
to repay a portion of outstanding revolving loan borrowings. The terms for the
incremental term loans are the same as those under the Company's existing senior
secured credit facility, including an interest rate at LIBOR plus a current
margin of two percent. An affiliate of Deutsche Bank AG was the sole arranger of
the transaction.
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SILGAN HOLDINGS
March 4, 2003
Page 2
Silgan Holdings is a leading North American manufacturer of consumer goods
packaging products with annual pro forma sales of approximately $2.2 billion.
Silgan operates 68 manufacturing facilities in the U.S., Canada and Mexico. In
North America, Silgan is the largest supplier of metal containers for food
products, a leading supplier of plastic containers for personal care products
and a leading supplier of metal and plastic closures for food and beverage
products.
Statements included in this press release which are not historical facts are
forward looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act
of 1934. Such forward looking statements are made based upon management's
expectations and beliefs concerning future events impacting the Company and
therefore involve a number of uncertainties and risks, including, but not
limited to, those described in the Company's Annual Report on Form 10-K for 2001
and other filings with the Securities and Exchange Commission. Therefore, the
actual results of operations or financial condition of the Company could differ
materially from those expressed or implied in such forward looking statements.
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