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. 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.”
Coveris is an affiliated portfolio company of Sun Capital Partners, Inc and whilst this is the first acquisition of 2015 for leading converter Coveris, 2014 such more activity with them acquiring Learoyd Packaging (Holdings) Limited, and St. Neots Packaging, both in the UK in August and June respectively, after the US acquisition of KubeTech Custom Molding, also in June 2014 which marked the formation of its Rigid Packaging North America business unit.
Coveris currently have locations in Austria, Bulgaria, Canada, China, Egypt, Finland, France, Germany, Hungary, Lithuania, Luxembourg, Netherlands, Poland, Romania, Serbia, Turkey, United Kingdom, Ukraine, and the United States which in total add up to some 66 principal production facilities totalling approximately 900,000 square meters and near 10,000 employees across the globe, servicing the needs of some 3,000 customers, ranging from leading international blue-chip customers to smaller regional businesses.