August 24, 2009 (FinancialWire) — Bway Corp., the principal operating subsidiary of Bway Holding Co. (NYSE: BWY), has acquired all of the outstanding shares of Central Can Co., a U.S. producer of rigid general line metal and plastic containers.

The company paid around $26.4 million for the outstanding common and preferred shares, inclusive of debt and transaction expenses of Central Can paid on the closing date.

Bway said the purchase price was funded from cash on hand, which was reported at $72.1 million at the end of the company’s third fiscal quarter.

Chicago-based Central Can operates one plant producing metal paint and specialty cans, steel pails, and hybrid and all plastic paint cans. Annual sales for Central Can are around $68 million.

Bway CEO Ken Roessler said the acquisition of Central Can “is an important step in meeting our dual path strategic growth objective which includes both add-on acquisitions in our core markets, and ongoing organic initiatives.”

Atlanta-based Bway is a manufacturer of steel and plastic containers for the general line category of the North American container industry.

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