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$SLGN will acquire $WRK’s specialty closures and dispensing systems business for $1.025Bil. The transaction is expected to close late 1Q17. The deal is expected to be accretive to earnings and $SLGN expects to realize operational cost synergies of $15MM within 24 months following the deal. $SLGN expects to fund this through cash and borrowings.
$KMB plans to cut costs by $1.5Bil over the next four years, including slashing 5,000 to 5,500 jobs (about 12% of its workforce) and closing 10 facilities. This comes as the company reported a 22% YoY increase in profit for 4Q17, but only a slight uptick in sales. Excluding certain items, earnings were $1.57 per share, up 8% from a year ago.
$GT is launching an advanced tire maintenance pilot program with STRATIM, a San Francisco-based startup whose technology platform oversees fleet maintenance for vehicles. The new program will leverage $GT’s artificial intelligence technology to help STRATIM’s clients predict when tires need service or replacement to improve tire management.
$WRK has named James Armstrong as Vice President, Investor Relations. Most recently, Armstrong covered the paper, packaging and building materials industry through his own investment research firm. Prior to this, he was Vice President and Chief Technology Officer of Vertical Research Partners.
$WRK agreed to acquire substantially all the assets of corrugated packaging company Plymouth Packaging, Inc. The transaction includes Plymouth’s fanfold corrugated facilities in, Michigan, Texas and Pennsylvania, and all the company-owned Box on Demand machines located in customers’ facilities. The deal is subject to customary closing conditions.
$IEX announced the acquisition of thinXXS Microtechnology AG, a manufacturer of microfluidic components serving the point of care, veterinary, and life science markets. Located in Zweibrücken, Germany, thinXXS will operate within IDEX Health & Science LLC, part of $IEX's Health and Science Technologies (HST) segment.
European Group B.V., a subsidiary of $OI, launches private offering of $310MM of Senior Notes due 2023. The company expects to use the net proceeds from the private offering and the cash from the balance sheet, to repay the Euro-denominated term loan A facility under the credit agreement.