Silgan Holdings is to combine its Metal Containers segment and Food and Beverage Flat Cap Closures businesses with Trivium Packaging, creating a $7.3 billion global metal packaging business with a broader geographic footprint, expanded capabilities and a stronger platform for innovation and customer service.

The partnership, backed by American Industrial Partners (AIP), is expected to close in mid-2027.

A new name

Announced on 19 October 2026, the proposed transaction will bring together Silgan’s metal operations and Trivium to form Silgan Metal Containers and Closures (Silgan MCC).

The companies describe the result as a best-in-class global supplier of metal packaging for essential consumer products, with complementary operations principally in North America and Europe.

Silgan will hold a 60% controlling interest in the new business, with AIP taking the remaining 40% and contributing approximately $1.0 billion of cash equity. Silgan MCC will have an independent balance sheet, fully consolidated into Silgan’s financial statements, and Silgan’s headquarters will remain in Norwalk, Connecticut.

Scale with a purpose

The pairing puts two substantial footprints side by side. Silgan, with annual net sales of approximately $6.5 billion in 2025, operates 120 manufacturing facilities across North and South America, Europe and Asia, and is a principal supplier of metal containers in North America and Europe for pet and human food and general line products.

Trivium, a supplier of infinitely recyclable metal packaging, has 57 locations worldwide, employs 7,200 people and reported net sales of approximately $3 billion in 2025.

The companies say the combination brings extended geographic reach, a broader product offering and greater security of supply.

They add that the scale of the combined business will open up further opportunities to champion the attributes of metal packaging and its sustainability features, innovate for value, and take cost out of the supply chain, improving the total cost advantage for customers.

Michael Mapes, chief executive officer of Trivium, said the company has been “a trusted provider of recyclable metal packaging products, serving over 800 customers around the globe” since 2019, adding that “with Silgan and AIP’s support, we will operate with increased scale and reach.”

The numbers behind the deal

The all-cash acquisition values Trivium at an enterprise value of approximately $3.4 billion, representing 7.1x last twelve months (LTM) Adjusted EBITDA, or 4.8x including expected synergies of $225 million.

Silgan’s contributed metal businesses are valued at an enterprise value of $3.8 billion, or 8.1x LTM Adjusted EBITDA.

Silgan will receive approximately $2.3 billion of cash proceeds, which will be used to retire certain existing debt. The remainder of the capitalisation will come from fully committed debt financing from a consortium of banks, alongside AIP’s committed equity.

Silgan expects the combination to generate $225 million of synergies by the end of year three, through identified procurement, operational and SG&A initiatives.

Annual synergies are forecast at approximately $75 million in year one and $150 million in year two. The transaction is expected to deliver at least 15% accretion to Silgan’s adjusted EPS and free cash flow, including full run-rate synergies.

Two platforms, sharper focus

The deal is the centrepiece of what Silgan calls a strategic portfolio acceleration. Its Dispensing and Custom Containers businesses will be combined into a single, wholly owned segment, Silgan Dispensing Solutions, positioned as a premium specialty packaging platform serving attractive end markets with differentiated products.

Adam Greenlee, president and chief executive officer of Silgan, said the transaction “creates an even more differentiated global partner for food and beverage packaging customers” while establishing “two focused packaging platforms, each with distinct strategies and opportunities.”

Silgan also points to a possible future pathway to a tax-free distribution, which it says would create two entities positioned to achieve their strategic priorities.

The acquisition has been unanimously approved by Silgan’s board of directors. Closing is subject to regulatory approvals, completion of works council consultation processes and other customary conditions. Silgan MCC’s board will comprise three Silgan nominees, Anthony J. Allott, Adam J. Greenlee and Shawn C. Fabry, plus two nominated by AIP.

Dino Cusumano, managing partner of AIP, said the firm looks forward to “working with the Silgan and Trivium teams to enhance the combined value proposition for customers.”