Coveris, the sixth largest global plastics packaging company, today announced the appointment of Gary Masse as Chief Executive Officer, effective April 14, 2014.
Masse is a seasoned, results-driven leader with more than 25 years of experience in the manufacturing sector, most recently serving as Chief Executive Officer of Precision Partners Inc., a $500 million engineering and manufacturing company. During his tenure, Masse implemented a culture of teamwork and accountability across the businesses, which resulted in 19 percent revenue increase, 38 percent EBITDA growth and record cash flow.
Immediately prior to Precision, Masse was Group President for Cooper Industries, where he managed the $800 million Cooper Tools global business which had more than 50 percent of its sales outside of the United States. At Cooper, Masse achieved profitable growth through global expansion and expanded margins by implementing lean manufacturing at the operations and back office. Masse has also held executive and senior management positions at Danaher Corporation and General Electric.
"The Board is very pleased that Gary Masse, a proven executive with a strong record of success with global manufacturing businesses, is joining Coveris," said David Mezzanotte, Managing Director of Sun Capital Partners, Inc., a private investment firm whose affiliate owns the Company. "Gary brings a wealth of experience and we believe his leadership will be valuable for Coveris to continue its growth."
"I am excited to be joining Coveris, and I look forward to working with our global team to build on previous successes and capture even more opportunities in the global packaging market," said Masse. "Most importantly, we will continue to focus on providing our customers superior quality and service, innovative solutions, and a broad range of the best products."
Masse succeeds Jack Knott, who will remain involved with the company as a non-executive director on the Coveris board. "The Board thanks Jack for his contributions as CEO," added Mezzanotte, "including overseeing the formation of the Company through the combination of five packaging companies in the U.S. and Europe, launching the Coveris brand in 2013 and getting 2014 off to a great start. Our estimated results for the first quarter ending March 31, 2014 show sales up 2-4 percent and EBITDA up 18-20 percent over the prior year."
With aggregate revenues of more than US$2.8 billion and more than 8,600 employees, Coveris serves its global customers through a manufacturing base spanning North America, Europe, the Middle East and China. Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.
