Silgan Holdings Inc. Announces Investment in E-Commerce Packaging Venture

Business Wire, April 5, 2000

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--April 5, 2000

Silgan Holdings Inc. (NASDAQ:SLGN) announced today that it will be investing in an e-commerce joint venture, Packtion, with Morgan Stanley Dean Witter Private Equity and Diamond Technology Partners Incorporated (NASDAQ:DTPI) to provide a comprehensive online marketplace for packaging goods and services. The new company, which has received $53 million in funding commitments, will combine content, tools and exchange capabilities to streamline the product development process and enhance transaction opportunities for buyers and suppliers of packaging.

Silgan's Co-CEOs' R. Philip Silver and D. Greg Horrigan said, "It is our judgment that Silgan can best leverage its domain expertise in packaging through this investment in a pure stand-alone venture targeting all segments of the worldwide packaging market, rather than treating the e-commerce opportunity as a simple extension of our current packaging manufacturing operations."

"Not only does this venture create a broader market opportunity for Silgan shareholders but it also ensures neutrality for Packtion. We are pleased to be partnering with Morgan Stanley Dean Witter and Diamond Technology Partners in this enterprise, ensuring Packtion will have access to the highest quality expertise in venture capital management and e-commerce technology and solutions. We believe this investment provides Silgan shareholders a unique opportunity to participate in the benefits of e-commerce, as they will be manifested in the worldwide packaging markets."

As part of the funding for the venture, Silgan Holdings has agreed to invest up to $20 million and will be a non-controlling minority owner of the new company. Silgan's investment is subject to completion of all appropriate documentation.

Silgan Holdings is a leading North American manufacturer of consumer goods packaging products with sales in excess of $1.8 billion in 1999. Silgan operates 58 manufacturing facilities in the U.S. and Canada where it is the largest supplier of metal containers for food products, a leading supplier of plastic containers for personal care products, and a major supplier of metal closures for the food and beverage markets. For further information on Silgan, please see its website at www.silgan.com.

Morgan Stanley Dean Witter Private Equity is the private equity business of Morgan Stanley Dean Witter & Co. (NYSE: MWD), a preeminent global financial services firm. Morgan Stanley Dean Witter Private Equity invests in companies operating in a broad range of industries including technology, telecommunications, financial services, healthcare, energy and chemicals on a global basis. Investments in the technology industry are focused on e-commerce, data communications, Internet infrastructure and information technology services.

Diamond Technology Partners is an e-business services firm that helps clients develop and implement Digital Strategy(SM) - business strategies for the digital age. These digital strategies typically transform client business models and create dramatically different e-businesses that deliver sustained market leadership. Headquartered in Chicago, the company serves clients worldwide across a range of industries including financial services, consumer and industrial products and services, telecommunications and energy, healthcare and insurance.

Statements included in this press release which are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Such forward looking statements are made based upon management's expectations and beliefs concerning future events impacting the Company and therefore involve a number of uncertainties and risks, including, but not limited to, those described in the Company's Annual Report on Form 10-K for 1999 and other filings with the Securities and Exchange Commission. As a result, the actual results of operations or financial condition of the Company could differ materially from those expressed or implied in such forward looking statements.