The company will continue to honor all existing contracts while operations of the resin trade taper off through the end of 2014.
No job losses
Chris Swalm, corporate marketing communications manager, Coveris, told FoodProductionDaily.com there will be no job losses as a result of the closure.
“We are closing down this reselling business which is not core to European Food & Consumer which focuses on high value added packaging,” he said.
“We are discontinuing the operation because it is not core to Coveris.Exiting the non-core resin trade allows European Food & Consumer to focus more on core business processes, customers, and growing their successful organization.”
Swalm added the strategic exit of the European resin trading business is in full alignment with the firm’s strategy and CBS (Coveris Business System).
4 key areas
There are four cornerstones to CBS: Operational Excellence, Commercial Excellence, Talent & Leadership and Acquisition Integration.
“We have made tremendous strides in the last year under the Coveris banner and exiting the resin trade allows the EU F&C business to marshal more resources to our value added flexible packaging,” said Swalm.
“We have a well-established footprint across continental Europe and Egypt.”
Coveris is an affiliated portfolio company of Sun Capital Partners.