Silgan Holdings Inc. (Nasdaq: SLGN), a packaging company for the consumer goods industry, has reached a deal with WestRock Company (NYSE: WRK) to purchase its closures and dispensing systems business. The deal, worth nearly $1.03 billion, is expected to close late in the first quarter of 2017.
WestRock is a global provider of paper and corrugated packaging products. The target designs and manufactures spray bottles, folding cartons, displays, paperboards, containerboards, kraft paper, tissue and other pulp materials. Headquartered in Norcross, Georgia, WestRock employs approximately 39,000 team members and operates from its 250 production facilities, design centers, research labs and sales offices across ten countries. The deal for WestRock’s closure franchise will expand the buyer’s dispensing materials business.