> ## Content Index > Fetch the complete content index at: https://www.packagingeurope.com/llms.txt > Use this file to discover other available public pages before exploring further. # Silgan to acquire Trivium and form $7.3 billion metal packaging business - URL: https://www.packagingeurope.com/silgan-to-acquire-trivium-and-form-7-3-billion-metal-packaging-business/ - Published: 2026-10-20T08:00:00.000Z - Updated: 2026-10-20T08:57:46.000Z - Author: Packaging Europe staff writers - Tags: Business, Collaboration, Rigid Packaging, Food, Beverages **In a proposed transaction,** [**Silgan Holdings**](https://silganholdings.com/home/default.aspx?ref=packagingeurope.com)**,** [**Trivium Packaging**](https://www.triviumpackaging.com/?ref=packagingeurope.com) **and** [**American Industrial Partners**](https://americanindustrial.com/?ref=packagingeurope.com) **plan to form two differentiated packaging platforms, including a $7.3 billion business for recyclable metal food and beverage packaging.** Under the proposed agreement, Silgan will combine its Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium to create Silgan Metal Containers and Closures. Funds associated with American Industrial Partners will also contribute to the transaction. This combination is expected to create a ‘best-in-class’ global supplier of metal packaging for essential consumer products, with complementary operations principally in North America and Europe. The move is considered a ‘transformational next step’ to accelerate Silgan’s portfolio evolution. The all-cash acquisition values Trivium at an enterprise value of approximately $3.4 billion. This represents 7.1x last twelve months adjusted EBITDA, or 4.8x last twelve months adjusted EBITDA including synergies of $225 million. Silgan’s Metal Containers segment and Food and Beverage Flat Cap Closures business are also valued at an enterprise value of $3.8 billion, representing 8.1x last twelve months adjusted EBITDA. In connection with the formation and capitalization of Silgan MCC, Silgan is set to receive approximately $.23 billion of cash proceeds from American Industrial Partners. These will be used to retire certain existing debt and retain 60% controlling ownership interest in Silgan MCC. American Industrial Partners will own the remaining 40% interest and contribute approximately $1.0 billion of cash equity to support the acquisition and any future growth of the business. The remaining Silgan MCC capitalization will be provided by fully-committed debt financing. The partnership will establish an independent balance sheet that will be fully consolidated into Silgan’s financial statements. Meanwhile, Silgan will combine its Dispensing and Custom Containers businesses into a single segment named Silgan Dispensing Solutions. The segment will remain wholly owned by Silgan and operate as a premium specialty packaging platform serving differentiated products to attractive end markets. This funding structure is set to help Silgan capitalize on meaningful synergies, increase flexibility to invest for growth, and position both businesses for future value creation – all without requiring meaningful incremental capital on behalf of Silgan shareholders. Capital contribution and industrial operating expertise from American Industrial Partners will further support Silgan MCC’s value creation objectives. Silgan Dispensing Solutions and Silgan MCC will each pursue distinct customer sets, growth opportunities, and capital allocation priorities in a bid to position both businesses for long-term value creation. “This strategic portfolio acceleration reflects our commitment to value creation through deliberate portfolio construction and strategic capital deployment, enabled by the strength of our businesses and our exceptional teams,” said Adam Greenlee, president and CEO of Silgan. “We have tremendous respect for Trivium and its employees and believe this combination creates an even more differentiated global partner for food and beverage packaging customers. This transaction is expected to generate substantial value for shareholders, delivering approximately $2.3 billion of cash proceeds to Silgan while strengthening our global metal packaging business. “At the same time, it establishes two focused packaging platforms, each with distinct strategies and opportunities.” “Since 2019, Trivium has been a trusted provider of recyclable metal packaging products, serving over 800 customers around the globe,” continues Trivium CEO Michael Mapes. “This transaction with Silgan and AIP marks the next step in our evolution, as we collectively continue to deliver valuable packaging solutions to our customers and millions of consumers around the world. “With Silgan and AIP’s support, we will operate with increased scale and reach to advance our vision of delivering high-quality, innovative, and recyclable packaging products to consumers.” Dino Cusumano, managing partner at American Industrial Partners, adds: “Silgan and Trivium are exceptional companies with strong track records, and we are excited to partner with them to help execute this value-creating transaction and capture attractive opportunities for the combined business. We look forward to working with the Silgan and Trivium teams to enhance the combined value proposition for customers.” By the end of year three, the transaction is expected to generate $225 million in synergies through identified procurement, operational, and SG&A initiatives. It is also set to drive at least 15% adjusted EPS accretion for Silgan, inclusive of expected full run-rate synergies. In other news, International Paper is in discussions with prospective bidders regarding the potential sale of its EMEA packaging business. A [report in the Financial Times](https://www.ft.com/content/1ca17b0c-24f3-4c54-94b9-0b0526941efe?utm%5Fsource=chatgpt.com) identifies the private equity firms [Lone Star](https://www.lonestarfunds.com/?ref=packagingeurope.com) and [Atlas Holdings](https://www.atlasholdingsllc.com/?ref=packagingeurope.com) as organisations that are considering “multi-billion dollar bids” for the business. Our latest edition of the Brief also revisited some of this year’s [most resonant business deals](https://www.packagingeurope.com/exploring-the-biggest-packaging-industry-deals-of-2026/) so far and considered their implications for the packaging industry's current interests, values and priorities. **If you liked this story, you might also enjoy:** [*The ultimate guide to global packaging sustainability regulation in 2026*](https://packagingeurope.com/features/report-the-ultimate-guide-to-global-packaging-sustainability-regulation-in-2026/14625.article/?ref=packagingeurope.com) [*PPWR timeline: the key dates to know*](https://packagingeurope.com/features/ppwr-timeline-the-key-dates-to-know/14377.article?ref=packagingeurope.com) [*A closer look at the most innovative packaging solutions*](https://packagingeurope.com/features/the-ultimate-guide-to-packaging-innovation-in-2026/13821.article?ref=packagingeurope.com) [*Strategic learnings from the Sustainable Packaging Summit*](https://packagingeurope.com/features/strategic-learnings-from-the-2025-sustainable-packaging-summit/13750.article?ref=packagingeurope.com)