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Silgan CEO and Chairman Tony Allott signs his name after ringing the Nasdaq exchange’s opening bell on Feb. 13, 2007.
Photo: File PhotoSilgan CEO and Chairman Tony Allott signs his name after ringing the Nasdaq exchange’s opening bell on Feb. 13, 2007.
Silgan CEO and Chairman Tony Allott signs his name after ringing the Nasdaq exchange’s opening bell on Feb. 13, 2007.
Silgan CEO and Chairman Tony Allott signs his name after ringing the Nasdaq exchange’s opening bell on Feb. 13, 2007.
STAMFORD — Consumer goods packaging supplier Silgan Holdings reported this week record quarterly profitsas demand grew for its products during the coronavirus crisis.
The second-quarter bottom line of nearly $78 million more than doubled the total of about $31 million in the same period last year. Alongside higher sales, the company’s expenses decreased in some areas, including a $37 million year-over-year drop in “rationalization charges” related to reorganizing certain operations.
Revenues totaled about $1.8 billion, up 8 percent year-over-year. The increase reflected higher sales for its metal container, plastic container, and closure businesses.
“This sustained growth has been driven by continued increased home preparation and consumption of food, enhanced marketing efforts by several of our customers and increased consumer focus on health and hygiene,” Silgan CEO and Chairman Tony Allott said in a statement.
As a manufacturer, Silgan has maintained its operations throughout the coronavirus crisis with the help of an “essential” business designation from the U.S. Department of Homeland Security. The company said it has received similar classifications from the vast majority of other governmental agencies in other countries in which it operates.
Last month, Silgan announced the completion of its $900 million acquisition of the dispensing-parts business of French packaging specialist Albea. Through the deal, the firm added about 2,400 employees to its workforce.
The newly acquired business supplies pumps, sprayers, and foam-dispensing products to companies mainly in the beauty and personal care markets. It operates 10 plants across North America, Europe, South America, and Asia
In February, Silgan completed the acquisition of Macedonia, Ohio-based Cobra Plastics, which manufactures injection-molded plastic closures for consumer products, with a focus on aerosol overcaps.
Company shares were trading Thursday morning at about $38, about the same as their 52-week high.
Silgan, the No. 595 company in this year’s Fortune 1000 list, is based in the Landmark Square complex in downtown Stamford.
pschott@stamfordadvocate.com; twitter: @paulschott
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