Packaging manufacturer Coveris Holdings SA announced on April 2 that it is selling its American operations to Canadian packaging company TC Transcontinental Inc. The total purchase price is 1.32 billion US dollars (about 1.07 billion euros).
The company said that the sale proceeds will be used to pay the company's existing debt.
After the transaction, Coveris's remaining business will include its Rigid, EMEA and UK Food & Consumer businesses, and the company will have 44 production facilities in 14 countries.
Coveris CEO Jakob A. Mosser said: “With this sale, we will be able to focus on our business in Europe. In Europe, we are one of the largest players in the flexible packaging and hard packaging market.”
According to Mosser, the move supports the company’s recent strategic focus on providing high-performance, sustainable packaging for the food, pet food, medical and pharmaceutical markets.