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The maker of Reynolds Wrap aluminum foil is buying Graham Packaging for nearly $1.7 billion after rival bidder Silgan Holdings failed to come with a better offer. Reynolds Group plans to pay for the acquisition with available cash and fully committed financing. The company says the acquisition provides strategic benefits and cost savings. The buyout, which was unanimously approved by Graham's board, is expected to close in the second half of the year. There’s no word yet on what effect, if any, this will have on the Bradford plant. For more information go here .

Update: Shares of Graham Packaging were up $5.51 at the close of trading on Wall Street today. Consumer packaging maker Silgan Holdings Inc. of Connecticut will acquire Graham Packaging in a cash-and-stock deal valued at $4.1 billion. The companies say the deal will build a stronger force in creating packaging for beverage, food and consumer products ranging from sports drinks and beer to personal care products and motor oil. Silgan said it will have 17,000 employees and 180 manufacturing facilities in 19 countries once the deal is completed. There’s no word yet on how the sale will affect the Bradford plant. Silgan expects the combined company will achieve $50 million in cost savings by the third year after the sale closes. The company expects the sale to close in the third quarter if regulators and shareholders approve. For more information, go to Silgan's website .