COVERIS
Adjusted earnings rise 17% in 2014 / Rigid faces “challenging conditions" in Europe / New recyclable dual-material cups developed for vending applications
 The "VenDuo" cup range is environmentally-friendly as well as heat-resistant (Photo: Coveris) |
US packaging producer Coveris (Chicago, Illinois; www.coveris.com) increased its adjusted pro forma EBITDA by 17% in 2014 to USD 322m. Net sales rose 0.6% to USD 2.8 bn. Results for the fourth quarter show a rise in pro forma EBITDA of 8.3% year-on-year to USD 71.8m and a decline in sales of 3.2% to USD 664m. All figures are pro forma – adjusted to retrospectively include results of assets acquired during the reporting period.
The company’s Flexible segment reported a full year EBITDA rise of 2.5% to just over USD 2 bn, mainly reflecting favourable currency translations, along with good volume sales in the US salt and seed bag business and the UK label business. Sales of the segment, however, sank by 3.6% to USD 488m.
Coveris’ smaller Rigid segment saw a full-year slight decrease in EBITDA of 2.2% to USD 180m and a decline in sales of 4% to USD 773m, amid “continuing economic challenges and intense competition in Europe,” especially in the southern part of the continent.
“We are pleased with our strong fourth quarter and full-year EBITDA performance,” said Gary Masse, CEO of the packaging producer owned by Sun Capital Partners (Boca Raton, Florida / USA; www.suncappart.com). “Implementation of the Coveris Business System delivered significant savings throughout the year and strategically positioned our business units for growth in key end markets,” he added.
Unveiling the Coveris strategy for the European vending market during the recent Paris Vending Show, Dieter Bergner, CEO of Coveris Rigid, said “differentiation and premiumisation are the key trends on which the company’s packaging solutions are built.” For the vending sector, Bergner said Coveris is focusing on thermoformed cups made from polymers and decorated with printed paper wrappers, “combining the attractive appearance of paper cups with the functionality of polymers.”
The company’s two cup ranges, “VenDuo” and “Go!Smart” – the latter designed for the Quick Service Restaurant market – are both said to be environmentally friendly. The use of lightweight plastic inlets allows for a “significant raw material reduction” and recycled pulp is used for the paper wrapping. The cups are also described as “fully recyclable,” thanks to easy separation of the two material components as well as being heat resistant, similar to double-wall modified paper cups.
The company’s Flexible segment reported a full year EBITDA rise of 2.5% to just over USD 2 bn, mainly reflecting favourable currency translations, along with good volume sales in the US salt and seed bag business and the UK label business. Sales of the segment, however, sank by 3.6% to USD 488m.
Coveris’ smaller Rigid segment saw a full-year slight decrease in EBITDA of 2.2% to USD 180m and a decline in sales of 4% to USD 773m, amid “continuing economic challenges and intense competition in Europe,” especially in the southern part of the continent.
“We are pleased with our strong fourth quarter and full-year EBITDA performance,” said Gary Masse, CEO of the packaging producer owned by Sun Capital Partners (Boca Raton, Florida / USA; www.suncappart.com). “Implementation of the Coveris Business System delivered significant savings throughout the year and strategically positioned our business units for growth in key end markets,” he added.
Unveiling the Coveris strategy for the European vending market during the recent Paris Vending Show, Dieter Bergner, CEO of Coveris Rigid, said “differentiation and premiumisation are the key trends on which the company’s packaging solutions are built.” For the vending sector, Bergner said Coveris is focusing on thermoformed cups made from polymers and decorated with printed paper wrappers, “combining the attractive appearance of paper cups with the functionality of polymers.”
The company’s two cup ranges, “VenDuo” and “Go!Smart” – the latter designed for the Quick Service Restaurant market – are both said to be environmentally friendly. The use of lightweight plastic inlets allows for a “significant raw material reduction” and recycled pulp is used for the paper wrapping. The cups are also described as “fully recyclable,” thanks to easy separation of the two material components as well as being heat resistant, similar to double-wall modified paper cups.
14.04.2015 Plasteurope.com [230946-0]
Published on 14.04.2015
German version of this article...