The Coveris Group has completed an agreement to divest its hard packaging business as part of a strategic move to shift its focus to European flexible packaging.
The company announced that the US private equity group Lindsay Goldberg LLC had acquired Coveris Rigid on July 31, the amount is unknown.
The move is part of the Coveris adjustment strategy, which aims to provide high-performance solutions for the food, pet food, medical and pharmaceutical markets and other growing consumer segments, primarily Europe.
Coveris Rigid is a leading pan-European plastics packaging company for food and non-food applications with a turnover of 560 million euros and 18 production sites in Europe and the United States.
The company typically supplies plastic packaging to blue chip companies and local manufacturers active in the dairy, processed fresh food and food service industries.
At the time, Coveris said that the divestiture of the Americas business would help it focus on European operations. In Europe, Coveris is a leader in the field of flexible packaging.
Jakob Mosser, CEO of Coveris Group, said that the move was part of a strategy to transform Coveris into a “European leader in soft plastic and paper packaging solutions†when it talked about the recent sale of the business.
The hard packaging business will be renamed in the coming weeks and all Coveris Rigid entities will continue to operate under the name Paccor. Paccor is a market leading hard packaging company that merged with Coveris in 2013.
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