• Earnings ex-items were $0.27 per share, up 17% vs. $0.23 on the same basis in the prior year • Revenue declined 3%; grew 3.5% ex-currency and portfolio from volume and price/mix improvement • Enterprise EBITDA ex-items of $188 million was essentially unchanged; includes $19 million of currency impact and $13 million of lower pension income • Margin improvement program savings were $19 million; cumulative program savings are $104 million • Pending merger with RockTenn on track to close in the second quarter
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.