Silgan Holdings and American Industrial Partners have agreed to acquire Trivium Packaging in a transaction valuing the European packaging company at approximately $3.4 billion including debt, creating a significantly larger global metal-packaging business.
The transaction will combine Trivium with Silgan’s metal-container and food-and-beverage closure operations to create a business valued at approximately $7.3 billion.
Under the planned structure, Silgan will retain a 60% controlling interest while American Industrial Partners will own 40%.
American Industrial Partners will provide roughly $1 billion of equity, while Silgan expects to receive approximately $2.3 billion in cash proceeds that it intends to use partly to reduce existing debt.
The companies expect approximately $225 million of synergies from the combination. Silgan said the transaction is expected to increase adjusted earnings per share and free cash flow by at least 15% after anticipated synergies.
The deal comes during a difficult environment for packaging producers.
Higher raw-material costs, inflation and geopolitical disruptions have pressured margins, increasing the incentive for manufacturers to pursue scale, supply-chain efficiencies and purchasing leverage.
Trivium produces recyclable metal packaging across Europe and other markets, while Silgan has a significant North American presence.
The combination therefore creates a more geographically diversified packaging platform serving food and beverage customers across both sides of the Atlantic.
The transaction is expected to close in mid-2027, subject to regulatory approvals and other closing conditions.
