Adjusted EBITDA for the quarter was $70 million, compared to $91 million for the same period in the prior year. Currency accounted for approximately $5 million of the decline. The decline is primarily related to softer volumes and product mix, particularly in the company’s flexibles business in the US and UK.
“In the second quarter, we took several steps to address the underperforming areas of Coveris,” says David Mezzanotte, chairman and interim CEO. “These steps included organizational changes as well as commercial and operational initiatives designed to strengthen our sales pipelines and lower manufacturing costs. We expect to see the benefits from these changes in the second half of the year.”