Silgan to Acquire Vogel and Noot for $335M

Silgan Holdings Inc. SLGN today announced that is has entered into a definitive purchase agreement with Vogel & Noot Holding AG to purchase its food can business. Vogel & Noot, headquartered in Vienna, Austria, currently operates 12 food can manufacturing facilities throughout Central and Eastern Europe and anticipates sales of approximately € 250 million (or approximately $335.0 million at current exchange rates) in 2010. The purchase price for this transaction is € 250 million (approximately $335.0 million), subject to adjustment for the net debt and financial performance of the business, or approximately 6.5 times the projected EBITDA of the business, after giving effect to the expected future earnings of the locations under development.