U.S. Can Acquires European Packaging Company

U.S. Can Corporation (NYSE: USC) announced today the signing of a definitive agreement to purchase May Verpackungen, a subsidiary of May Holding Group. May, headquartered in Erftstadt, Germany, is a leading manufacturer of pet food and specialty food packaging as well as aerosol cans, primarily dedicated to whipping cream. May's sales for the 12 months ended September 30, 1999 were over DM 300 million or approximately $160 million. Details of the acquisition were not disclosed. "We are extremely pleased to add this highly successful business to the U.S. Can family," said Chairman and CEO Paul W. Jones. "The addition of May allows us to more than double our presence in the European market where we already have a strong, growing business. Its aerosol operations in Germany will be complementary to our already strong aerosol production in the rest of Europe, and its strength in the pet food business, with its easy-open can, will allow us to expand our product offering." The May acquisition supports U.S. Can's stated acquisition strategy of seeking rigid packaging companies that will complement and grow the company's existing product base, be accretive in the first year with positive cash flow characteristics and create value for shareholders. May Verpackungen has manufacturing facilities in Germany and Denmark, as well as a 50% share of a Spanish packaging company. "In addition to its strength in the important German marketplace, May also brings us outstanding manufacturing facilities with state-of-the-art, high speed equipment and highly trained employees," Jones added. "With its reputation for outstanding quality and its strong customer relationships, I am confident that May and U.S. Can will forge a strong partnership going forward." May will be operationally combined with U.S. Can's USC-Europe operations led by David Ford, president of USC Europe. Prior to joining U.S. Can in 1997, Ford managed a European food can business with over $600 million in sales. Jurgen May, currently CEO of May, will continue to be actively involved in the operation of May Verpackungen and will also expand into other roles with USC-Europe. U.S. Can Corporation is a leading manufacturer of steel containers for personal care, household, automotive, paint and industrial products in the United States and Europe, as well as plastic containers in the United States. ots Original Text Service: U.S. Can Corporation Internet: http://www.newsaktuell.de Contact: John L. Workman, Chief Financial Officer of U.S. Can Corporation (USA) 630-571-2530 Web site: http://www.uscanco.com

Klíčová slova PROTEXT-U.S. Can Corporation

Oblast
USA, Kanada, OSN, svět a Arktida (us)

Kategorie
Potraviny, gastronomie
Služby, cestovní ruch

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