Page 50 - Plastics News February 2020

Business news

Silgan Announces Acquisition of Indorama Ventures Announces

Cobra Plastics Corporate Strategy

ilgan Holdings Inc. (Nasdaq:SLGN), a leading supplier ndorama Ventures Public
Sof rigid packaging for consumer goods products, ICompany Limited (IVL)
announced that it has acquired Cobra Plastics, Inc. has announced its 2020-
This business manufactures and sells injection molded 2023 Strategy at its Capital
plastic closures for a wide variety of consumer products, Markets Day. This strategy was
with a particular focus on the aerosol overcap market. presented and agreed at IVL’s
The acquisition of Cobra Plastics expands the product Global Management Conference
offering of our global closures franchise into a variety (GMC), which includes over
of new markets and applications,” said Adam Greenlee, 200 members of IVL’s global
President of Silgan. “The combination of Cobra’s overcap leadership team, and was held
product line with our aerosol actuators and dispensing Jan. 30-31 in Bangkok, Thailand. IVL’s time-tested
systems will allow Silgan to offer a broader range of approach has generated strong returns for stakeholders
integrated solutions, including functional overcaps, to through both the peaks and valleys of the chemical
meet the unique needs of our customers,” concluded
Mr. Greenlee. The acquired business, with sales of cycle, the company says. IVL's 2023 strategy will focus
approximately $30 million, currently operates from two on five pillars: Cost Transformation via Olympus,
manufacturing facilities located in close proximity to one Asset Full Potential, Adjacency Growth, Recycling
another in Macedonia, Ohio.Silgan is a leading supplier Leadership, and its People.In combined PET, IVL aims
of rigid packaging for consumer goods products with to strengthen its cost advantage while also driving
annual net sales of approximately $4.5 billion in 2019. the circular economy for PET by building a leading
Silgan operates 100 manufacturing facilities in North recycling business. In Fibers, IVL is focused on operation
and South America, Europe and Asia. The Company is a efficiency, asset integration, and innovation to meet
leading supplier of metal containers in North America and customer’s evolving needs, resulting in a business that
Europe for food and general line products. The Company delivers double-digit ROCE.According to the company,
is also a leading worldwide supplier of metal and plastic its aggregated business continues to generate heathy
closures and dispensing systems for food, beverage, health operating cash flow, and it continues to focus on
working capital while simultaneously deleveraging
the balance sheet. Also, IVL continues to invest in
its people, put in place organization and governance
structures and HR processes to ensure it has a healthy
IVL for the future. Aloke Lohia, Group CEO of Indorama
Ventures, says, “Going forward, IVL will continue to
pursue our strategic themes, with the ambition of
achieving double-digit ROCE, strong cash flows across
the cycle and above average returns to shareholders.
Historically, we have always remained strong through
the peaks and troughs of the chemical cycle and
expect to continue to outperform ” Indorama Ventures
Public Co. Ltd. (IVL), a global chemical company, has
care, garden, personal care, home and beauty products. commenced the commercial operations of its olefins
In addition, the Company is a leading supplier of plastic
containers for shelf-stable food and personal care products gas cracker at Indorama Ventures Olefins (IVOL) plant
in North America. For more than 50 years, Silgan Plastics in Westlake, La., on January 31, 2020.The site has an
has defined the plastic bottling industry from technical ethylene production capacity of 440 kilotons per annum
innovation to creative packaging solutions. (KTA) and is highly integrated with the U.S. Gulf Coast
ethylene pipeline infrastructure.

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