Coveris Rigid rebranded to Paccor after sale

Packaging multinational Coveris Group has continued the realignment of its business portfolio with the sale of its rigid packaging business to Lindsay Goldberg.

Coveris Rigid, a pan-European business serving food and non-food applications, boasts a turnover of €560 million ($638m), operates 18 manufacturing sites across Europe and the US, and employs 3,500 staff. Food packaging applications include dairy and spreads, processed and fresh food, and the foodservice industry.

The business will be renamed Paccor, which it was known as prior to the merger with Coveris five years ago. Private equity firm Lindsay Goldberg also owns Schur Flexibles.

Jakob Mosser, chief executive of Coveris Group, said: “The sale of Rigid that follows our recent divestment in the Americas is an important and successful milestone in our strategy to transform Coveris into a European champion for flexible plastics and paper-based packaging solutions.”

Coveris Group intends to focus on high-performance and sustainable packaging solutions for food, pet food, medical and pharmaceutical markets.