AIP commits $1 billion as Silgan keeps 60% control of Silgan MCC
Silgan Holdings has agreed to combine with Trivium Packaging in an all-cash transaction valuing Trivium at about $3.4 billion including debt, the two companies said Monday. Under the deal, Silgan will merge its Metal Containers segment and its Food and Beverage Flat Cap Closures business with Trivium to form a new combined packaging unit called Silgan Metal Containers and Closures, or Silgan MCC, with operations principally in North America and Europe. The combined entity will supply metal packaging products for consumer-goods customers.
The deal provides exits for Ontario Teachers’ Pension Plan, which held a majority stake in Trivium, and for Ardagh Group, which held a 42% minority interest. Ardagh said it expects to receive about $90 million in cash proceeds from selling that stake and will use the funds to reinvest in its business or pay down debt.
In connection with the formation and capitalization of Silgan MCC, Silgan will receive roughly $2.3 billion in cash proceeds and use them to retire certain existing debt while retaining a 60% controlling ownership interest in the new entity, the company said. American Industrial Partners will own the remaining 40% interest in Silgan MCC and contribute about $1 billion to support the acquisition and the future growth of the business, the deal announcement stated.
Silgan CEO Adam Greenlee framed the deal as part of a broader portfolio strategy. “This strategic portfolio acceleration reflects our commitment to value creation through deliberate portfolio construction and strategic capital deployment,” Greenlee said.
Silgan will combine its remaining Dispensing and Custom Containers businesses into a single segment that will remain wholly owned by the company, it said. Silgan shares rose 8.25% in Monday trading.
The transaction is expected to close in mid-2027, subject to regulatory approvals and other customary conditions.