Coveris Americas is one of the top 10 converters of flexible packaging and other value-added products in North America based on revenues for its fiscal year ended December 31, 2017. Chicago-based Coveris Americas manufactures a variety of flexible plastic and paper products, including rollstock, bags and pouches, coextruded films, shrink films, coated substrates and labels.
"Today’s announcement marks a turning point in TC Transcontinental’s 42-year history. This transaction crystallizes our strategic shift toward flexible packaging and solidifies our commitment to profitable growth," says Isabelle Marcoux, chair of the Board of Transcontinental. "We are convinced that this transformational acquisition will be a driver in the creation of long-term value for all of our stakeholders. It is with pride that we begin the next chapter of our successful journey with Coveris Americas, its employees and customers, building on our values of respect, teamwork, performance and innovation."
Jakob A. Mosser, CEO of Coveris, adds, “We are very excited about the sale of our Americas business to TC Transcontinental. This sale will enable us to focus on our operations in Europe, where we are one of the largest players in the flexibles and rigid packaging market. This supports our recent strategic focus on delivering high performance and sustainable packaging solutions for our customers in the food, pet food, medical and pharmaceutical markets.”
Complementing its solid printing and media operations, this acquisition significantly diversifies TC Transcontinental’s business into flexible packaging.
Upon the closing of the Americas Sale, Coveris's remaining operations will consist of its Rigid, EMEA, and UK Food & Consumer businesses, and it will have manufacturing facilities in 14 countries, 44 strategically located facilities and over 8,000 employees.
The Americas sale is subject to customary closing conditions, including regulatory approvals and is expected to close this summer.
As a leading international manufacturing company, Coveris is dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day. In partnership with the most respected brands in the world, Coveris develops vital products that protect everything from the food we eat, to medical supplies, to the touch screen device in our pockets, contributing to the lives of millions every day.
Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.