Packaging supplier Silgan keeps growing

STAMFORD — Silgan Holdings, the largest provider of metal food-packaging in the U.S., last week reported record quarterly income as demand continued to grow for its products during the coronavirus crisis.

Third-quarter revenues for the Stamford-based firm totaled about $1.5 billion, up 13 percent year-over-year. The increase was driven by higher sales for its metal container, plastic container, and closure businesses.

The quarterly bottom line of about $113 million, increased 40 percent from the same period last year.

“Each of our segments continued to perform exceptionally well during the third quarter, driving strong segment income across the board,” Silgan CEO and Chairman Tony Allott said in a statement. “Volume gains across all of our businesses have proved lasting, both through the early lockdown stage of the pandemic and as economies opened up again during the summer.”

As a manufacturer, Silgan has kept operating throughout the coronavirus crisis with the support 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 governmental agencies in other countries in which it operates.

In June, Silgan announced the completion of its $900 million acquisition of the parts business of French packaging specialist Albea. Through the deal, the firm added about 2,400 employees to its workforce.

The 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 acquired Macedonia, Ohio-based Cobra Plastics, which manufactures injection-molded plastic closures for consumer products, with a focus on aerosol overcaps.

Silgan, the No. 595 company in this year’s Fortune 1000 list, is based in the Landmark Square complex in downtown Stamford.