Date ArticleType
4/3/2018 Member News
Coveris Holdings S.A. Announces Sale Of Its Americas Business

Coveris Holdings S.A. Announces Sale Of Its Americas Business

Coveris Holdings S.A., a global packaging manufacturer, has entered into an agreement with Montreal, Canada-based TC Transcontinental, Inc., to sell the company’s Americas packaging business for US$1.32 billion, in an all-cash deal.

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.

Industry Partners