Coveris is exploring strategic alternatives for its Americas and Rigid packaging businesses following the realignment, for the continued optimization of the company.

Goldman Sachs & Co. LLC and Wells Fargo Securities have been retained to advise on the Americas business and Rothschild & Co. will begin advising on the Rigid business in the first quarter of 2018.

“We believe this strategy -creating leaner, more focused business units- recognizes this customer preference and will enable us to better meet their needs” said Dimitri Panayotopoulos Chairman and Interim Chief Executive Officer of Coveris.

The review of strategic alternatives is not anticipated to adversely impact the Company’s operations, ongoing commitments to customers, or investment in the business.

Coveris has adequate liquidity to continue to operate and grow its business, and as discussed on its September 26 investor call, the Company expects to report higher EBITDA in the fourth quarter of 2017 over the prior year.

“With approximately $1 billion in revenues and a roster of longstanding customer relationships, the Americas business is well positioned for continued growth” added Panayotopoulos. “Our Rigid business is likewise ready for the next step in its evolution”.

As Coveris implements this strategy, it also expects to successfully conclude its CEO search process in the fourth quarter of 2017.

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