Huhtamaki has entered into an agreement to acquire the majority of Everest Flexibles (Pty) Limited (“Everest”), a privately-owned flexible packaging manufacturer in South Africa. With the acquisition Huhtamaki will expand its flexible packaging manufacturing footprint into South Africa, thereby further strengthening its emerging market position. The product range and customer portfolio of Everest are complementary to those of Huhtamaki. "With Everest we will be able to serve our current and new customers in South Africa and the surrounding region even better, offering them a full range of flexible packaging solutions with faster lead times," says Olli Koponen Executive Vice President, Flexible Packaging. "We will have two flexible packaging manufacturing units in Africa, Everest and the recently opened facility in Egypt. With these two sites we will be in an excellent position to tap into the growth opportunities of this exciting region," he continues.
Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid packaging for shelf-stable food and other consumer goods products, today announced that it has commenced a “modified Dutch Auction” tender offer to purchase up to $200 million of its common stock. The tender offer begins today.
“Consistent with our long-term objectives, we seek to utilize leverage to sustain or expand our competitive advantage in each of our markets, while optimizing shareholder returns,” commented Bob Lewis, Executive Vice President and CFO. “Given our relatively low net debt leverage level at year end, we believe this return of capital in the form of a share repurchase is appropriate and further demonstrates our ongoing commitment to delivering shareholder value,” concluded Mr. Lewis.
Under the terms of the tender offer, Silgan stockholders will have the opportunity to tender some or all of their shares at a price within a range of $54.75 to $58.50 per share. Based on the number of shares tendered and the prices specified by the tendering stockholders, Silgan will determine the lowest per share price within the range that will enable it to buy $200 million in shares, or such lesser number of shares that are properly tendered.