NEW YORK ( The Deal) -- Stamford, Conn. rigid packaging product maker Silgan Holdings (SLGN - Get Report) said Tuesday, Aug. 13, that it bought plastic closures and container maker Portola Packaging of Naperville, Ill. for $266 million.
Portola had sales of about $200 million for 2012 and operates eight facilities in North America and Europe. Portola specializes in tamper-evident plastic closures and plastic containers for the dairy, juice, and food industries, the buyer said.
"We believe this acquisition will be highly accretive with our existing closure business," said Silgan executive vice president and CFO Bob Lewis in a statement Tuesday.
Silgan said it would fund the deal via an existing credit facility and cash on hand. The purchase should close in September 2013 and is expected to be slightly accretive, with accretion increasing as synergies are phased in over the next 18 months."
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