The Coveris Group has completed an agreement to divest its rigid packaging business as part of a strategic move to shift its focus to European flexible packaging.
The company announced that Lindsay Goldberg LLC, an American private equity investment group, had acquired Coveris Rigid on July 31 for an unknown amount.
The move is part of Coveris' adjustment strategy, which aims to provide high-performance solutions for the food, pet food, medical and pharmaceutical markets, and other growing consumer groups, mainly in Europe.
Coveris Rigid is a leading pan-European plastic packaging company for food and non-food applications with a turnover of 560 million euros and 18 production sites in Europe and the United States.
The company typically provides plastic packaging for blue chip companies and local manufacturers active in the dairy, processed fresh food and food service industries.
At the time, Coveris said the divestiture of the Americas business would help it focus on Europe. In Europe, Coveris is a leader in flexible packaging.
Coveris Group CEO Jakob Mosser said of the recent sale of the business that the move was part of a strategy to transform Coveris into "a European leader in soft plastic and paper packaging solutions."
The rigid packaging business will be renamed in the coming weeks, and all Coveris Rigid entities will continue to operate under the name Paccor. Paccor is a market-leading rigid packaging company that merged with Coveris in 2013.