Coveris Acquires St. Neots Packaging
CHICAGO, June 16, 2014 /PRNewswire/ -- Coveris today announced the acquisition of leading manufacturer, St. Neots packaging as part of a strategic move to support their continued growth in cartonboard.
Established in 1994, St. Neots is a leading manufacturer of cartonboard solutions for the food-to-go and convenience markets. Supplying film-lined sandwich packaging, bespoke cartons and other consumer products to the UK's major retail and foodservice customers, St. Neots' revenue has doubled in the last five years.
"St. Neots provides a hugely exciting opportunity for Coveris, enabling our customers to benefit from increased resources, shared knowledge and enhanced innovation potential," said Mark Lapping, President of Coveris' UK Food & Consumer business. "As a great addition to our existing cartonboard operation, the move enables us to provide a dedicated packaging offering to better serve customers in both FMCG cartonboard and food-to-go packaging markets."
The strategic acquisition of St. Neots supports Coveris' long-term plans for growth in new and existing markets, with a particular focus on the growing convenience and food-to-go sectors. The two St. Neots' facilities in Cambridgeshire and sourcing office in Hong Kong complement Coveris' existing cartonboard operation in Wisbech, Cambridgeshire.
This news comes after St. Neots recently announced that they had significantly increased capacity following their investment in UK's first KBA Rapida 145 large format press to deliver 40% more cartonboard capacity.
With over 200 staff based in the UK and Hong Kong, St. Neots bring a wealth of experience, unique capabilities and a leading reputation for service. Enabling the business to target a growing interest in global convenience markets, the move also supports the company's existing foodservice offering in the UK and Europe.
Andy Ducker, St. Neots Chairman commented on the deal adding that "the backing of the Coveris group marks a major development for St. Neots and enables the business to accelerate growth to its next phase. With Coveris' experience, shared values of service and innovation and extensive knowledge of our products, the acquisition provides a very exciting opportunity for our staff and customers to grow."
The acquisition now places Coveris' UK Food & Consumer sales in excess of £400m with over 2,000 staff and 16 UK sites.
Today's announcement comes just days after the group announced the integration of KubeTech Custom Molding, a leading North American manufacturer of rigid packaging solutions, to bolster the company's rigid packaging offering to customers in North America.
Coveris is the sixth largest global plastic packaging company in the world. Formed by the combination of Exopack, Britton Group, Kobusch, PACCOR and Paragon Print & Packaging, the company is an established leader in the development, manufacture, and sourcing of flexible and rigid plastic and paper packaging, as well as coatings solutions for various consumer and industrial end-use markets. With aggregate revenues of more than US$2.8B, the company manages 65 plants across North America, Europe, the Middle East, and China. Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.