US packaging producer Coveris (Chicago, Illinois; www.coveris.com) has posted adjusted EBITDA of USD 90m (EUR 81m) in quarter two 2015. This is a rise of 2.7% on the same period last year, when adjusted for the impact from foreign currency exchange rates and lower resin prices. Combined net sales of USD 680m were down from USD 784m recorded in quarter two 2014.

In the flexible segment, net sales were 5.2% lower year-on-year at USD 490m, while rigid sales saw a bigger drop of 23.2% to USD 161m. The falls were attributed to the pass through of declining resin prices and unfavourable volumes. For flexibles, lower sales in the coatings business unit resulted from general market weakness and increasing competitiveness in the electronics industry. In the rigid segment, the decline in volume was driven primarily by plant closures in 2014 and soft demand in Europe and North America.

“I am pleased with the progress we are making on the implementation of our strategic iniatives via the Coveris Business System, said president and CEO Gary Masse. “During the second quarter, we have been able to expand our geographic reach through two strategic acquisitions, while continuing to focus on delivering operational results and growing our volumes.”

Coveris purchased Latin American plastics supplier Olefinas (www.olefinas.com) in July this year – see Plasteurope.com of 24.06.2015. This was preceded in May by the acquisition of New Zealand’s Elldex Packaging Solutions (Auckland; www.elldex.com), a manufacturer and importer of HDPE and LDPE flexible packaging.