Coveris Holdings S.A., a premier global packaging manufacturer, announced that it has entered into an agreement with Transcontinental Inc. to sell the company’s Americas packaging business for an aggregate purchase price of $1.320 billion, which shall be paid in cash and shall be subject to customary closing adjustments.
The proceeds of the Americas Sale are expected to be used to repay certain of the company’s existing indebtedness. Coveris Americas generated sales and adjusted EBITDA for the year ended December 31, 2017 of $966 million in revenues and $128 million, respectively.