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 ANNOUNCES ACQUISITION OF
METAL FOOD CAN MANUFACTURING ASSETS OF
PACIFIC COAST PRODUCERS
STAMFORD, CT, March 28, 2003 -- Silgan Holdings Inc. (Nasdaq:SLGN) today
announced that it has agreed to acquire the metal food can manufacturing
subsidiary of Pacific Coast Producers (PCP) and to enter into a long-term supply
agreement with PCP.
Pacific Coast Producers is an agricultural cooperative based in Lodi,
California. PCP has historically manufactured a majority of its metal can
requirements from a separate facility in Lodi, and used these cans solely in its
food processing operations. The Company will acquire all metal food can
manufacturing assets of PCP for cash of approximately $15 million plus the book
value of inventory, and will assume certain limited liabilities. The transaction
is expected to close on April 1, 2003, and is subject to customary closing
conditions.
Simultaneous with the closing, the Company will also enter into a ten-year
supply agreement with PCP, covering their metal food can requirements. Annual
sales to PCP under the supply agreement are expected to be approximately $55
million.
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Silgan Holdings
March 28, 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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