TC Transcontinental Set to Acquire Coveris for $1.32 Billion

TC Transcontinental has entered into an agreement to acquire top flexible packaging converter Coveris Americas for $1.32 billion.

Coveris Americas is one of the top 10 converters of flexible packaging and other value-added products in North America based on revenues for its fiscal year that ended December 31, 2017. Headquartered in Chicago, Illinois, Coveris manufactures a variety of flexible plastic and paper products, including rollstock, bags and pouches, co-extruded films, shrink films, coated substrates and labels. As of December 31, 2017, Coveris operated 21 production facilities worldwide, namely in the Americas, the United Kingdom and Australasia. Coveris has over 3,100 employees, the majority of whom are located in the Americas. For its fiscal year ended December 31, 2017, Coveris generated $966 million in revenues and $128 million in Adjusted EBITDA.