Spain's ITC Packaging acquires Coveris rigids plant

Richard Higgs, EUROPEAN PLASTICS NEWS

Published: July 31, 2014 9:59 am ET
Updated: August 1, 2014 2:39 pm ET

Related to this story

Topics Injection Molding, Injection molds

International packaging group Coveris Holdings has sold its Spanish business Coveris Rigid Spain, including an injection molding plant in Sopelana, to the national rigid containers producer ITC Packaging of Ibi near Alicante.

Coveris Rigid Spain, operating near Bilbao, has an annual turnover of approximately 8.5 million euros ($11.38 million) and employs 48 at its production site near Bilbao.

The ITC purchase, for an undisclosed sum, will double its existing production capacity centered on south eastern Spain, allowing the firm to serve customers across the north of the country.

Its new 4,900-square-meter (52,000-square-foot) facility will also support ITC export sales to France, Italy, the Benelux countries and the U.K. The firm plans to rename the site shortly, it stated.

Coveris said the divestment in Spain is part of the group’s development of its rigid packaging division’s “footprint” in Europe.

Family-run ITC, with 20 years experience in rigid packaging, concentrates on thin wall container molding in Alicante and will continue to be headquartered in south eastern Spain. Currently, the firm employs 150 and has annual sales worth 33 million euros ($44.1 million).

Last year, it produced 400 million containers in polypropylene, polystyrene and PET with 80 percent of its business in food packaging and the rest containers for products such as paints and detergents. It offers a range of decorative finishes.

As part of its growth strategy, the Spanish group intends to focus investment on the Sopelana unit, with an ambitious business plan to “optimize its resources and enlarge the plant activity.” ITC aims to expand its range of customers with main dairy producers in Spain and France, it said.

The company is expected to achieve its annual sales target of 50 million euros ($66.9 million) in the next two years while gradually expanding its workforce.

ITC Packaging, which already operates injection molding machines ranging from 200 to 700 metric tonnes, stated that the acquisition completes its strategic target of expanding business in Europe.


Comments

Spain's ITC Packaging acquires Coveris rigids plant

Richard Higgs, EUROPEAN PLASTICS NEWS

Published: July 31, 2014 9:59 am ET
Updated: August 1, 2014 2:39 pm ET

Post Your Comments


Back to story


More stories

Image

Unique Tool adding equipment, jobs

October 30, 2014 1:52 pm ET

Mold maker Unique Tool & Gauge Inc., is planning to invest more than $3.5 million dollars in new equipment for its Windsor, Ontario, facility.    More

Image

Magna opens new exterior facility, plans for lighting investment

October 30, 2014 1:36 pm ET

Canadian automotive supplier Magna International Inc. on Oct. 28 opened a new injection molding and robotic paint line facility in Delta Township,...    More

Image

Xten may shut down, working on sale to Commercial Plastics

October 29, 2014 5:49 pm ET

Xten Industries LLC is working on a sale to Commercial Plastics Co. of Mundelein, Ill. Xten, an injection molder based in Kenosha, Wis., filed a...    More

Image

Detroit Manufacturing Systems to hire 200 for F-150 production

October 29, 2014 10:40 am ET

Interior trim supplier Detroit Manufacturing Systems LLC plans to hire 200 assembly workers by January to support production growth of Ford Motor Co....    More

Image

Cosmetic packaging maker expands in China

October 28, 2014 3:32 pm ET

A $180 million expansion project by the Derjin Group of Taiwan has broken ground in China's Jiangsu province.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events