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Friday, June 26, 2015
Coveris acquires Latin American plastics company
Coveris Holdings S.A., a global packaging and coatings solutions company, has acquiredOlefinas, an agricultural plastics company with operations in Guatemala and Mexico.
Entering Latin America supports Coveris’ initiative to providing a full range of packaging solutions for agricultural products. This is the second new geographic market Coveris has entered in the past six weeks, after the recently announced acquisition of Elldex, a full-service flexible packaging company in New Zealand.
Olefinas manufactures packaging solutions for a full range of agricultural products, including tree bags, labels, twine and aging ribbons for the banana industry, as well as mulch and fumigation films, insect traps, modified atmospheric packaging and shrink films. Since 1959, Olefinas has been the pioneer of banana plastics and produces more than 300 million pounds of high-value-added products annually dedicated to enhancing crop yield.
“We consistently look for opportunities to better serve our growing customer base and expanding our market reach,” said Gary Masse, Coveris CEO.
Olefinas has more than 600 employees across its two locations in Guatemala City, Guatemala, and San Luis Potosi, Mexico. Capitalizing on Coveris’ global strengths and Olefinas’ agricultural market expertise, this Latin America-based operation will be rebranded as COVERIS-Olefinas.
“Olefinas is thrilled to become part of this growing, global packaging company,” said Clayton McNeel of Olefinas. “Olefinas has enjoyed tremendous success in our markets, and we are excited to continue our journey with Coveris.”