(Reuters) – Graham Packaging Co (GRM.N) on Monday said it will buy privately held plastic packaging maker Liquid Container for $568 million, adding 14 new plants in the United States.
Graham, which is majority owned by private equity firm Blackstone Group (BX.N), said it believes the deal will add to earnings and free cash flow in its first full year. It plans to fund the purchase with debt and has financing in place.
Liquid Container makes plastic containers for food and household products. It is expected to have sales of almost $400 million in 2010.
Deutsche Bank advised Liquid Container on the deal, which is expected to close this year. (Reporting by Michael Erman. Editing by Robert MacMillan)