Exopack Holdings SA, the sixth largest plastics packaging company in the world, is changing its name to Coveris.
Exopack, with $2.5 billion in annual sales, formed in May when five companies owned by private equity firm Sun Capital Partners Inc., united under a single banner.
Now that banner will fly with a different name.
“Today's rebranding announcement marks an important milestone for us, signifying the successful integration of five packaging companies into a global industry leader,” CEO Jack Knott said in a statement.
The five companies that joined together earlier this year were Exopack Holding Corp., Kobusch Group, Britton Group, Paragon Print & Packaging Corp. and Paccor. Those five brands have remained in use, the company said.
The company said the new name, Coveris, is designed to create a new brand identity that “speaks directly to the company's business, with ‘cover' evoking the quality of protection that is core to the company's products.”
Back office functions of the separate companies have been combined and Coveris recently unified under a single financial structure. The company, earlier this year, indicated the consolidation would save about $65 million in back office, manufacturing and procurement costs.
Coveris develops, makes and sources flexible and rigid plastic and paper packaging. The company, with 64 plants in North America, Europe, the Middle East and China, also provides coatings for consumer and industrial markets.
The company has about 8,600 employees.
