BWAY announces acquisition of Phoenix Container
BWAY Holding Company, a leading producer of metal containers in North America, has expanded its operations with the acquisition of Phoenix Container.
Phoenix Container is a US producer of steel pails based in North Brunswick, New Jersey, where it operates one plant producing a wide range of steel pails used for packaging industrial and consumer products.
The company generated net sales of $34 million during 2009. The acquisition was funded with available cash on hand and borrowings under BWAY’s revolving credit facility.
Commenting on the acquisition, Ken Roessler, BWAY’s president and CEO, said: “This acquisition represents a continuation of BWAY’s strategy to invest in growth within our core markets where significant synergies exist. Phoenix Container serves to expand our geographic coverage in the North American steel pail market, provides opportunity for manufacturing optimisation and investment, and will allow the company to more effectively serve a wider range of customers.”
BWAY Holding Company is a leading North American supplier of general line rigid containers. The company operates 23 plants (including Phoenix Container) throughout the US and Canada serving industry leading customers on a national basis.