Sun Capital Partners' (Boca Raton, Florida / USA; www.suncappart.com) ambitious planning led to the creation of Exopack in 2013 – a merger of well-known names Britton, Kobusch, Paccor and Paragon Print & Packaging – see Plasteurope.com of 06.05.2013. Now operating as Coveris (Chicago, Illinois / USA; www.coveris.com), the company is heavily burdened with debt, and following the sale of its Americas business – see Plasteurope.com of 09.04.2018 – its Global Rigid business is next in line.

The plastics packaging company confirmed it has entered into exclusive negotiations with funds advised by Lindsay Goldberg. The estimated purchase price is EUR 700m. CEO Jakob Mosser said the sale will "fully focus Coveris on the flexible packaging market where we are one of the largest players and have a strong platform for growth."

Global Rigid generated sales of approximately EUR 560m and adjusted EBITDA of around EUR 75m in 2017. Upon completion of the transaction, Coveris will have a business of approximately EUR 800m in sales, with 25 plants and 3,800 employees in five countries. Adjusted EBITDA of its remaining businesses was an estimated EUR 55-57m.