The Canmaker: "Ongoing cost control and improvements in manufacturing efficiencies lifted half-year profits at Silgan, North America’s leading food canmaking company and a global supplier of metal closures.
Net profit grew 2 percent to US$63 million with company sales at $1.36 billion, up 1 percent compared to the first six months of 2009.
“We are pleased with out year-to-date 2010 performance,” said chief executive Tony Allott. “This modest increase over strong results in 2009 was primarily the result of continued solid operational performance in our metal food container and closures businesses.”
Profits at Silgan’s food can division rose 5.3 percent to $44m in the second quarter, but as a result of lower unit volumes and the pass through of lower raw material costs sales fell 6.7 percent year-on-year to $378.1m.
In a press release, Silgan said that lower food can volumes were due “primarily to the timing of customer requirements”."
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