November 11: Canned food manufacturers, and their can suppliers, should be well-positioned for an economic slowdown, says a leading analyst in the packaging industry.
Commenting on the recent financial results from Silgan Holdings, which derives almost 60 percent of its sales from food cans, George Staphos of Bank of America Securities said the company “should be well-positioned as economic worries intensify and consumers become increasingly value-conscious”.
Overall sales for the third quarter at Silgan were up 6 percent to $964m with profits up 7.6 percent to $97m. Sales in its metal food can business were up 5.5 percent with profits up 22 percent to $77m.
