Packaging group Coveris Holdings will exit its resin resale business which currently operates under the company's Food & Consumer business unit.
Coveris states that it previously acted as a large volume purchaser of resin materials in Europe to procure resin for smaller, external converters.
The company says it will continue to honor all existing contracts while operations of the resin trade taper off through the end of 2014.
A Coveris spokesperson told European Plastics News, a sister publication of Plastics News, that “the resin resale operation in Europe falls outside our core business, because of this there will be no material impact on our European business as a result of this decision.”
Coveris, formed in May 2013 when five companies owned by private equity firm Sun Capital Partners united, it was originally called Exopack Holdings but changed its name to Coveris in the autumn of last year.