Silgan Holdings makes rigid packaging — closures, metal food containers, and plastic containers — for consumer staples brands. Silgan sells directly to large CPG companies, including Nestlé, Procter & Gamble, L'Oréal, Unilever, and Campbell, under long-term supply agreements that cover roughly 90% of metal container sales. Supply agreements contractually pass through raw material cost changes (steel, aluminum, resin) to customers, insulating Silgan from commodity price swings. Profitability is largely volume-driven, with fixed manufacturing costs spread over more units as volumes grow. Silgan operates three segments: Dispensing and Specialty Closures (~42% of net sales), Metal Containers (~48%), and Custom Containers (~10%). The dispensing segment produces pumps, sprayers, and specialty closures for fragrance, personal care, home care, and food products, with innovation and deep integration into customers' product design processes creating high switching costs. The metal containers segment makes steel and aluminum cans, primarily for pet food and other shelf-stable food categories — Silgan holds more than half of the U.S. metal food container market. The custom containers segment makes plastic containers for pet food, healthcare, and personal care customers. Silgan has grown primarily through acquisitions — 41 since founding — using leverage to fund deals, then deleveraging through free cash flow. Organic growth priorities include dispensing products for healthcare and pharma, and wet pet food cans.