Eviosys, successor of the former Mivisa, has decided to make changes in its organization in order to improve its management in Las Torres de Cotillas.
Among the planned actions, Eviosys Packaging Holding Spain will eliminate its current holding company that controls all ownership of the business in Spain. Instead, the assets will be relocated to another group subsidiary called Eviosys Packaging Closures Spain, which was formerly known as Crown Food and will now assume the head-end functions in this move.
In short, it will be in charge of managing all the assets and shares of the defunct company, including the management of Eviosys Embalajes España SA, the company that concentrates most of the business in the country. This action is important because until now, Eviosys Packaging Holding Spain was also in charge of managing the property of Eviosys Packaging Closures Spain, which will be absorbed by Belinda.
However, although the merger has been announced in the Official Gazette of the Commercial Registry, the transaction has not yet been fully completed. Creditors and bondholders of the companies involved have one month to express their opposition to this takeover.
If everything goes according to plan, the dissolution process of Eviosys Packaging Holding Spain will be successful and its assets will be transferred in their entirety to the beneficiary company. The latter will acquire all rights and obligations of Eviosys by universal inheritance.
After the KPS Partners fund acquired Eviosis, the company achieved a turnover of EUR 684 million in the previous year, placing it fourth in the regional ranking of companies with the highest turnover. This growth is significant, representing a 16% increase over the 589 million obtained in 2021, which is quite impressive considering the size of the business.
In order to continue progressing, the company will continue with improvements in its facilities in Las Torres de Cotillas. An investment of 8 million euros was also recently announced to increase the production of high-efficiency cans in three factories, including the one located in the Region.
