Newly acquired business represents the company s entre into Latin America
CHICAGO--(BUSINESS WIRE)--Coveris Holdings S.A., a leading global packaging and coatings solutions company, today announced the acquisition of Olefinas, a leading agricultural plastics company with operations in Guatemala and Mexico. Entering Latin America supports Coveris initiative to providing a full range of packaging solutions for agricultural products. This is the second new geographic market Coveris has entered in the past six weeks, following the recently announced acquisition of Elldex, a full-service flexible packaging company in New Zealand.
We consistently look for opportunities to better serve our growing customer base and expanding our market reach
Olefinas manufactures packaging solutions for a full range of agricultural products, including tree bags, labels, twine and aging ribbons for the banana industry, as well as mulch and fumigation films, insect traps, modified atmospheric packaging and shrink films. Since 1959, Olefinas has been the pioneer of banana plastics and produces more than 300 million pounds of high value added products annually dedicated to enhancing crop yield.
We consistently look for opportunities to better serve our growing customer base and expanding our market reach, said Gary Masse, Coveris CEO.
Olefinas has more than 600 employees across its two locations in Guatemala City, Guatemala and San Luis Potosi, Mexico. Capitalizing on Coveris global strengths and Olefinas agricultural market expertise, this Latin American-based operation will be rebranded as COVERIS-Olefinas.
Olefinas is thrilled to become part of this growing, global packaging company, said Clayton McNeel of Olefinas. Olefinas has enjoyed tremendous success in our markets, and we are excited to continue our journey with Coveris.
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.
Statements in this release that are not historical are "forward-looking statements." Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "expect," "believe," "anticipate," "attempt," "project" and other terms with similar meaning indicating possible future events or potential impact on our business. You are cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect Coveris operations, markets, products, services, prices and other factors. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, any forward-looking statements are made only as of the date of this release, and Coveris does not intend and does not assume any obligation to update any statements set forth in this release.
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