Toyo Seikan completes acquisition of Stolle Machinery
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- Published on Wednesday, 09 November 2011 00:39
JAPAN – Toyo Seikan Kaisha Ltd has completed its acquisition of US can and end making equipment manufacturer Stolle Machinery Company LLC from GSO Capital Partners LP for US$775 million.
Completed on 3 November 2011, Toyo Seikan’s special purpose vehicle and wholly owned subsidiary TSK Merger Corporation was merged into Can Machinery Holdings Inc, which indirectly holds all shares of Stolle.
In its announcement, the Japanese converter said, “As a result of the merger, in which Can Machinery is the surviving entity, the acquisition of Stolle by Toyo Seikan has been completed, and Stolle has become a wholly owned subsidiary of Toyo Seikan.”
The Japanese company also noted that it expects the impact on its consolidated financial performance for the fiscal year ending 31 March 2012 as a result of the acquisition to be minimal.
Toyo Seikan, headquartered in Tokyo, Japan and established in 1917, installed and commissioned the first can-making facility in Japan in 1919. Today, Toyo Seikan manufactures and sells packaging containers made of various materials and sells machinery for food packaging and packaging systems and technical services globally
Stolle, headquartered in Centennial, CO, manufactures a wide array of highly engineered equipment used by global can-makers to manufacture and decorate aluminum or steel can bodies and easy-open ends used primarily to package carbonated soft drinks, beer and various foods. Stolle has a global footprint, servicing customers in North America, Europe, and high growth emerging markets such as the Middle East, Latin America, Asia, and Africa.
Its most recent owner company, GSO - a subsidiary of The Blackstone Group L.P, is one of the largest credit-oriented alternative asset managers in the world and a major participant in leveraged finance. Founded in 2005, GSO seeks to generate attractive risk-adjusted returns across a variety of investment strategies. GSO has approximately $34 billion in assets under management as of August 2011.
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