• The International Paper for rigid metal and plastic packaging for consumer goods.
• The YKK for pumps, sprayers, and closures on consumer products.
• Like Ball Corporation, but manufacturing food cans, bottle caps, and dispensing pumps.

• Metal Containers: Primarily used for food, pet food, and general line products.
• Closures: Provide sealing solutions for food, beverage, health care, and personal care products.
• Plastic Containers: Manufactured for various applications including food, health care, and personal care products.
• Dispensing Systems: Advanced pumps and sprayers utilized across personal care, beauty, healthcare, and home care markets.

Major Customers of Silgan Holdings Inc. (SLGN)

Silgan Holdings Inc. (SLGN) sells primarily to other companies (B2B). As a leading manufacturer of rigid packaging for consumer goods products, Silgan supplies its packaging solutions to other businesses that then fill these containers with their own products and sell them to consumers.

Due to the competitive nature of its business and the fact that no single customer accounts for a material portion (typically less than 10%) of its consolidated net sales, Silgan does not publicly disclose the specific names of its major customers in its financial reports or public statements. This is standard practice for many B2B packaging and component suppliers.

However, based on the types of packaging solutions Silgan provides (metal containers, plastic containers, specialty closures, and dispensing systems), its customer base comprises leading consumer goods companies across various sectors. Below are examples of major public companies in the industries Silgan serves, representing the types of customers that would typically utilize Silgan's packaging solutions:

• Food & Beverage Industry:
  • Campbell Soup Company (CPB) - A major manufacturer of canned soups and other food products.
  • Conagra Brands, Inc. (CAG) - A diversified food company with numerous packaged food brands.
• Personal Care, Beauty, & Home Care Industry:
  • Procter & Gamble Co. (PG) - A global leader in consumer goods, utilizing extensive packaging for products like shampoos, detergents, and household cleaners.
  • Unilever PLC (UL / UN) - Another major multinational consumer goods company, requiring diverse packaging solutions for personal care, home care, and food products.
• Healthcare & Pharmaceutical (Over-the-Counter) Industry:
  • Haleon plc (HLN) - A global consumer health company, manufacturing popular over-the-counter medicines and oral care products that require specialized dispensing and container solutions.

Please note that these companies are presented as representative examples of the types of customers Silgan likely serves, rather than a confirmed list of direct clients, as Silgan maintains confidentiality regarding its specific customer relationships.

Adam J. Greenlee, President and Chief Executive Officer

Mr. Greenlee has been Silgan's Chief Executive Officer since September 2021 and President since April 2019. He joined Silgan in 2005 and served as Chief Operating Officer from August 2009 to August 2021. Prior to that, he was an Executive Vice President of the company and President of the North American operations of Silgan White Cap. Before joining Silgan, Mr. Greenlee was Vice President & General Manager of ATI Allegheny Rodney.

Shawn C. Fabry, Executive Vice President and Chief Financial Officer

Mr. Fabry has served as Silgan's Executive Vice President and Chief Financial Officer since November 2025. He joined Silgan in 2010 following the company's acquisition of IPEC Closures, where he was Chief Financial Officer of IPEC Global, Inc. Within Silgan, he held CFO positions for Silgan Containers and Silgan Plastics, and most recently, as Senior Vice President, Corporate Development, he led the acquisition of Weener Packaging in 2023. Before IPEC, Mr. Fabry worked in public accounting at Arthur Andersen.

Philippe Chevrier, Executive Vice President and Chief Operating Officer

Mr. Chevrier has been Silgan's Executive Vice President and Chief Operating Officer since February 2025. From January 2023 to January 2025, he was President of the Americas and Global Fibers business at Hexcel Corporation. Before Hexcel, Mr. Chevrier held various management positions at Honeywell International Inc. from August 2003 to January 2023, including President of the Honeywell Aerospace Software, Services and Connectivity Strategic Business Unit. He also held management positions at ABB Group and Sun Microsystems, Inc.

Kimberly I. Ulmer, Senior Vice President and Chief Accounting Officer

Ms. Ulmer has been Silgan's Senior Vice President and Chief Accounting Officer since November 2025. She previously served as Senior Vice President and Chief Financial Officer from March 2023. Ms. Ulmer joined Silgan in 2004 as Controller. Her prior experience includes serving as Controller, Accounting Policies and Compliance for General Electric Vendor Financial Services and employment with Quebecor World Inc. She began her career in public accounting with Coopers & Lybrand.

Robert B. Lewis, Executive Vice President, Corporate Development and Administration

Mr. Lewis has been Silgan's Executive Vice President, Corporate Development and Administration since March 2023. He previously served as Executive Vice President and Chief Financial Officer of Silgan from August 2004 to March 2023. Before joining Silgan, Mr. Lewis was Senior Vice President and Chief Financial Officer of Velocity Express Inc. Mr. Lewis plans to retire from his executive role on March 31, 2026, and will continue to serve on Silgan's Board of Directors.

The key risks to Silgan Holdings (SLGN) are primarily related to raw material cost volatility, its significant debt load from strategic acquisitions, and the intense competitive landscape coupled with challenges in organic growth and evolving consumer and regulatory demands.

1. Raw Material Cost Volatility and Supply Chain Disruptions: Silgan's operations are highly susceptible to fluctuations in the prices of key raw materials such as steel, aluminum, plastic resins, and natural gas. This persistent volatility creates significant cost uncertainty and can impact gross profit margins and working capital. Although Silgan utilizes established policies to manage this risk, price changes can still lead to considerable cost swings. Additionally, geopolitical tensions and rising costs of materials like aluminum could disrupt supply chains.
2. High Debt Load and Acquisition-Related Risks: A significant debt load resulting from strategic acquisitions is a key near-term financial risk for Silgan. The company's net leverage ratio, estimated near 3.5x EBITDA, is highlighted as a pressure point. Indebtedness incurred to fund these acquisitions could adversely affect Silgan's liquidity and financial stability. Increased debt expenses, such as those from the acquisition of Weener Packaging, can also impact financial health.
3. Intense Competition, Challenges in Organic Growth, and Evolving Consumer/Regulatory Demands: The packaging industry is highly competitive, with numerous players vying for market share. This intense competition, combined with market saturation in certain segments, can limit growth prospects and exert pressure on pricing and profitability. Silgan has also faced challenges in generating organic (non-acquisition-related) growth, with recent periods showing declines in organic revenue. Furthermore, the business is sensitive to economic downturns and shifts in consumer discretionary spending, which can lead to reduced demand and customers trading down to lower-cost products. Adding to these challenges are regulatory risks, particularly potential bans or stricter regulations on single-use plastics, which could impact revenue from its Custom Containers and Dispensing and Specialty Closures segments.

The accelerating global shift by consumer goods companies and regulators towards sustainable packaging solutions that prioritize reusability, refillability, and the significant reduction or elimination of single-use plastics. This trend is driven by increasing environmental concerns, consumer demand for circular economy models, and stringent regulatory pressures worldwide (e.g., bans on specific single-use plastic items, extended producer responsibility schemes). As major customers commit to ambitious sustainability targets involving alternative materials (e.g., fiber-based, bio-based) and new delivery models (e.g., direct-to-consumer refill systems), the fundamental demand for Silgan's traditional single-use plastic and certain metal packaging solutions could diminish over time, disrupting its core manufacturing business model.

Silgan Holdings Inc. (SLGN) operates in three primary business segments: Dispensing and Specialty Closures, Metal Containers, and Custom Containers. The addressable markets for these main products and services are substantial and predominantly global.

For its **Dispensing and Specialty Closures** segment, which includes dispensing systems, metal closures, and plastic closures:

• The global dispensing system market was projected to grow from USD 56.5 billion in 2025 to USD 108.1 billion by 2035. Another estimate valued the dispensing systems market at USD 32 billion in 2023, with a projection to reach USD 48.76 billion by the end of 2030.
• The global caps and closures market was estimated at USD 74.64 billion in 2023 and is projected to reach USD 103.87 billion by 2030. The Asia Pacific region held the largest revenue share in this market in 2023.
• Specifically, the global plastic caps and closures market was valued at USD 68.7 billion in 2023 and is poised to grow to USD 111.23 billion by 2032. Another report projected the global plastic closure market size at USD 17.51 billion in 2024, anticipated to reach USD 28.59 billion by 2033.

For its **Metal Containers** segment, which manufactures steel and aluminum containers primarily for food and other consumer goods:

• The global metal packaging market was valued at USD 136.22 billion in 2025 and is projected to reach USD 157.37 billion by 2030. Other estimates include USD 141.70 billion in 2025, growing to USD 199.94 billion by 2034, and USD 145.2 billion in 2025, reaching USD 238.8 billion by 2035.
• The global food and beverage metal cans industry is expected to increase from USD 57.79 billion in 2025 to USD 108.96 billion by 2034. North America holds the largest share in this market, with Asia Pacific being the fastest-growing region.

For its **Custom Containers** segment, which involves custom-designed plastic containers for various markets:

• The global plastic packaging market was valued at USD 395.7 billion in 2024 and is estimated to grow. Other figures indicate a market size of USD 389.7 billion in 2024, projected to reach USD 534.8 billion by 2033, and USD 493.42 billion in 2025, projected to attain USD 579.95 billion by 2030. The Asia Pacific region is a dominant force in the plastic packaging market.
• The broader global food packaging market, which utilizes various materials including plastic, was estimated at USD 400.29 billion in 2024 and is projected to reach USD 562.38 billion in 2030. The global food packaging market was valued at USD 505.27 billion in 2024 and is projected to grow to USD 815.51 billion by 2032. Asia Pacific dominates the global food packaging market.
• The global beverage packaging market was valued at USD 154.30 billion in 2024 and is expected to reach USD 243.50 billion by 2032.

For the public company Silgan (SLGN), several key drivers are expected to fuel future revenue growth over the next two to three years:

1. Strategic Acquisitions and Integration: Silgan's revenue growth is significantly driven by strategic acquisitions, most notably the successful integration of Weener Packaging. This acquisition has been instrumental in expanding the company's market share, product offerings, and geographic presence, particularly within the Dispensing and Specialty Closures segment.
2. Organic Volume Growth in Key Segments:
   • Dispensing Products: The company anticipates continued high single-digit organic volume growth in its dispensing products, especially in fragrance and personal care markets.
   • Pet Food Markets: Silgan expects its Metal Containers segment to achieve mid-single-digit to double-digit volume increases in the pet food sector, identified as a resilient market.
   • Custom Containers: New business awards and a recovery in market demand are projected to contribute to mid-single-digit volume growth in the custom containers segment.
3. Innovation and Expansion into High-Value Solutions: Silgan emphasizes innovation and meeting evolving customer needs, which includes expanding its product portfolio and geographic reach. A strategic focus on high-value dispensing solutions is expected to drive margin expansion and leverage circular economy principles for sustainable packaging.
4. Favorable Price/Mix and Cost Management: Revenue and profitability are also bolstered by favorable price/cost dynamics, including an improved product mix, and the contractual pass-through of higher raw material and manufacturing costs. The company's ongoing cost reduction and efficiency improvement programs further contribute to its financial performance.

Share Repurchases

• Silgan authorized a new $500 million stock repurchase program through December 31, 2029, replacing a prior authorization that had approximately $25 million remaining.
• In March 2022, the company authorized a $300 million stock repurchase program through December 31, 2026, which replaced a previous program.
• Year-to-date in 2025, Silgan returned over $120 million to shareholders through share repurchases and dividends.

Share Issuance

• During the first nine months of 2025, Silgan issued 325,808 treasury shares due to the vesting of restricted stock units.

Outbound Investments

• On October 15, 2024, Silgan acquired Weener Plastics Group.
• On September 30, 2021, the company completed the acquisition of Silgan Unicep.

Capital Expenditures

• Expected capital expenditures for 2025 are approximately $300 million.
• Actual capital expenditures for 2024 were $262.8 million.
• The increase in expected capital expenditures for 2025 is primarily attributed to the Weener Packaging acquisition.