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Coveris Reports 2Q 2015 Financial Results

Reports shipment volume increases of 2% versus the prior year, 3% in Flexibles and 1% in Rigid.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Coveris Holdings S.A. reported second quarter 2015 combined net sales of $680 million. Combined net sales for the second quarter of 2014 were $784 million.
 
Excluding the impact of foreign exchange, pass-through of lower resin costs, and two facilities that were exited in 2014, net sales for the second quarter of 2015 were up slightly from 2014. Combined Adjusted EBITDA for the second quarter was $90 million. Excluding currency, resin and exited facilities, combined adjusted EBITDA was $102 million.
 
“I am pleased with the progress we are making on the implementation of our strategic initiatives via the Coveris Business System,” said Gary Masse, president and CEO. “During the second quarter, we have been able to expand our geographic reach through two strategic acquisitions, while continuing to focus on delivering operational results and growing our volumes.”

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