Coveris acquires Four04 Packaging
Thursday, May 20, 2021
Coveris has continued its strategic expansion with the acquisition of flexible packaging manufacturer Four04 Packaging.
The Austrian headquartered packaging giant identified Norwich, Norfolk-based Four04 Packaging through a permanent market screening process as an ideal partner for its growth plans.
Four04 specialises in packaging for fresh food and produce as well as for bakery. The business offers a product portfolio that Coveris said perfectly complements its existing product ranges in these market segments.
The deal was signed on 7 May and sees all 108 staff at Four04 kept on and remaining based at their current premises. The existing management will continue to run the business.
Four04 operates a range of flexo presses and converting equipment including laser, punching, and bag making technology. Its turnover has grown by around 7% in the past year to £23m.
Coveris told Printweek that, for the time being, Four04 Packaging will continue to trade as a separate company within the Coveris group. Coveris said the implementation of Four04 into its network will enable the group to further optimise its manufacturing capacities, broaden its product portfolio, and expand its presence in the UK.
“With Four04, we found another excellent partner for our growth plans: a profitable business with a well-established and strong customer base and excellent packaging solutions, that will provide us with opportunities to further strengthen our offering in these segments,” said Coveris chief executive Jakob A. Mosser.
The deal is the second recent UK purchase by Coveris, following its March acquisition of Widnes, Cheshire-based Initial Packaging.