Toyo Seikan completes acquisition of Stolle
Japanese can maker Toyo Seikan Kaisha has completed the $775 million acquisition of can making machinery supplier Stolle Machinery Company. The deal was completed on Friday (4 November).
“Toyo Seikan has conducted certain procedures including application to relevant competition authority in connection with the acquisition of Stolle Machinery Company, “ a company statement said.
“Upon completion of the procedures required for the implementation of such acquisition, Toyo Seikan announces that on 4 November, 2011 TSK Merger Corporation, a special purpose vehicle and wholly-owned subsidiary of Toyo Seikan, was merged into Can Machinery Holdings, which indirectly holds all shares of Stolle,” the statement added.
As a result of the merger, in which can machinery is the surviving entity, the acquisition of Stolle by Toyo Seikan has been completed, and Stolle has become a wholly owned subsidiary of Toyo Seikan.
According to the company, the impact on Toyo Seikan’s consolidated financial performance for the fiscal year ending March 31, 2012 as a result of the acquisition is expected to be minimal.