Packing company Coveris has bought banana plastics specialist Olefinas in its first entry into Latin America for an undisclosed sum.
The new Latin American-based operation will be rebranded as COVERIS-Olefinas.
With operations in Guatemala and Mexico, the Olefinas acquisition is the second new market Coveris has entered in the past six weeks, after it recently acquired New Zealand packaging firm Elldex.
“We consistently look for opportunities to better serve our growing customer base and expanding our market reach,” said Coveris CEO, Gary Masse.
“Olefinas is thrilled to become part of this growing, global packaging company,” said Clayton McNeel of Olefinas. “Olefinas has enjoyed tremendous success in our markets, and we are excited to continue our journey with Coveris.”
Olefinas produces packaging solutions for agricultural products including tree bags, labels, twine and aging ribbons for the banana industry, as well as mulch and fumigation films, insect traps, modified atmospheric packaging and shrink films.
The company has specialised in banana plastics since 1959, and employs over 600 people across its two bases.