Silgan Begins Seeing Margin Progress in Plastics; Raising FVE to $51
Narrow-moat Silgan's restructuring efforts have started to pay off in early 2017, with some margin progress across the plastic container and metal container segments. We were encouraged by the improved profitability in Silgan's plastics business, particularly after two years of margin erosion. As we discussed in our recent note "Incorporating Expected U.S. Tax Reform Into Our Valuations," we reduced our outlook for Silgan's long-term tax rates to roughly 27%. In combination with a mild increase ...Silgan Holdings is a holding company. Through its subsidiaries, the company manufactures rigid packaging for consumer goods products. The company operates three businesses; its metal container business, which used primarily by processors and packagers for food products, such as vegetables, soup, proteins, tomato based products, adult nutritional drinks and fruit ; its closures business, which manufactures metal and plastic closures and dispensing systems for food and beverage and health care products; and its plastic container business, which manufactures custom designed and stock plastic containers for personal care and health care products, including containers for mouthwash, shampoos, and conditioners.
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