Plastic packaging manufacturer Silgan Holdings Inc. announced Nov. 16 that it acquired Ipec Global Inc., a plastic closure molder that specializes in the North American dairy and juice markets.
Terms were not disclosed. Ipec, based in New Castle, Pa., had sales of about $35 million for the last 12 months, according to Silgan.
The purchase price was funded through available cash on hand, and Silgan said the transaction will be slightly accretive to earnings in 2011.
Co-owners Joe Giordano and Chuck Long founded Ipec in 1994, as a way to augment their successful contracting and paving businesses in the New Castle area. In a 2008 feature story in Plastics News, the owners said dairy closures made up about 60 percent of Ipec's business.
Ipec has plants in New Castle and Brewton, Ala., and it operates KraussMaffei, Husky and Sandretto presses.
From 2002-05 Ipec was publicly traded, until its owners took the company private once more. Now, as part of Silgan, the company will once again be part of a publicly traded company.
Silgan makes blow molded bottles and injection molded closures, and it also makes metal food containers. The Stamford-based company had 2009 sales of about $3.1 billion, including $541.5 million in North American blow molding sales and an estimated $138 million in injection molding, from the Silgan White Cap Americas unit.
Bob Lewis, Silgan's executive vice president and chief financial officer, said in a news release that Ipec has a strong competitive position in plastic closures for the dairy and juice markets and is known for its quality and design capability.