Packaging Companies Unite Under New Global Brand - COVERIS™ Rebranding of $2.5 Billion Company a Milestone Following Successful Combination of Five Packaging Businesses
CHICAGO, Nov. 18, 2013 /PRNewswire/ -- Exopack Holdings S.A., formed in May by the combination of five leading packaging companies in North America and Europe, today unveiled "COVERIS™" as the organization's new name.
COVERIS is the sixth largest global plastics packaging company, with revenues in excess of US$2.5 billion and operations in 21 countries. The company, an affiliated portfolio company of Sun Capital Partners, Inc., produces flexible and rigid plastic and paper packaging, as well as advanced coatings for customers around the world.
"Today's rebranding announcement marks an important milestone for us, signifying the successful integration of five packaging companies into a global industry leader," said Jack Knott, Chief Executive Officer. "More than a global business, COVERIS is a 'multi-local' business partner, close to our customers in many regions and markets around the world. We're confident that the COVERIS name will become synonymous with our passion for excellence in high-performance packaging products that add value to our customers' products and businesses."
The selection of COVERIS comes after a thorough process to create a new brand identity that would differentiate the company in the marketplace. The COVERIS name speaks directly to the company's business, with "cover" evoking the quality of protection that is core to the company's products, and the new logo emanates energy and strength. The new COVERIS graphic identity and Web site will be rolled out over the next few months.
In May 2013, US-based Exopack joined with four European packaging companies—Britton Group, PACCOR, Kobusch, and Paragon Print & Packaging. The combined businesses have operated as one global entity under Exopack Holdings S.A., although the five brand names remained in use. Going forward, the COVERIS brand will ultimately be used for all of the company's operations.
COVERIS has implemented a new organizational structure to optimize delivery of service to global customers and enhance the company's investment in world-class technologies and people. The Global Flexibles business is now organized in two markets, Europe and North America, with three main product lines: Food & Consumer, Industrials, and Advanced Coatings. The Global Rigid business, one of Europe's leading manufacturers of rigid plastic and paper packaging, is organized by geographic markets serving mainly customers in Europe.
"Uniting all of our operations as COVERIS is much more than just a name change," said Michael Cronin, CEO of the Global Flexibles business. "It enables us to more efficiently deploy our technology and capabilities to our customers in every market, and is a clear indicator of our commitment to upholding the highest standards of excellence in all of our working relationships."
"Under COVERIS we have integrated the strengths of all five businesses into one company," said Dieter Bergner, CEO of the Global Rigid business. "Today, all of our 8,600 employees are moving together, focusing on what is important."
Since combining, the companies that now comprise COVERIS have integrated back office functions and have made new investments to strengthen the company's IT infrastructure. Significantly, the businesses recently unified under a single financial structure, which gives the company greater flexibility to continue investing in technology, expand capabilities, and pursue a broader set of opportunities
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$2.5B, the company manages 64 plants across North America, Europe, the Middle East, and China. COVERIS is an affiliated portfolio company of Sun Capital Partners, Inc.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a pioneer in private equity investing, uniquely combining the financial skills and resources of a traditional private equity firm with the insight and expertise of a world-class operating team. The firm focuses on market-leading companies that can benefit from its in-house professionals, resources, and expertise in their efforts to materially improve operating performance. Sun Capital affiliates have invested in more than 330 companies worldwide, with combined sales in excess of $45 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen. For more information, visit www.SunCapPart.com.