French packaging company Albéa has announced the 100 percent acquisition of metal parts manufacturer Covit, based in Torelló, Spain, from PHI Industrial private equity fund.
The acquisition of Covit will enable Albéa to develop as a global supplier of metal parts, with Covit said to be a leader in the drawing, anodizing, assembly and decoration of metal parts for packaging products, having achieved sales of approximately €20 million in 2017.
François Luscan, Albéa’s President and CEO, said, “With Covit, we are building a metal business with facilities in Torelló (Spain), Waterbury, CT (USA) and Shanghai (China) that will offer a wide range of products and technologies, world-class technical expertise, global reach and a strong commitment to Corporate Social Responsibility.”
Alexander Wit, Managing Partner of PHI Industrial added, “We are proud of the work the Covit team has achieved over the past 7 years in order to become a leading manufacturer of metal packaging solutions. We believe that Albéa is an ideal owner for the business as it will allow Covit to be part of a truly global business and play a significant role in Albéa’s metal strategy.”