Solo Cup Company, a leading manufacturer of single-use products used to serve food and beverages, recently received recognition as the “Industrial Turnaround of the Year” from The M&A Advisor, a leading information and publishing company serving the investment banking, private equity and professional services industry.
Solo created and successfully implemented the company’s Performance Improvement Program during 2007, with the help of AlixPartners LLP, who was presented with the award. Over the course of the year, the company significantly improved gross margins, operating income, and overall profitability through increased efficiency and cost reduction. In addition, Solo reduced its total debt by more than $360 million as of the end of the third quarter 2007.
“We made a tremendous investment in making the business profitable during 2007. Our employees took on the challenge and, working with AlixPartners, they built the internal capability to continue this approach to improvement on an ongoing basis,” said Robert M. Korzenski, president and chief executive officer, Solo Cup Company. “We are gratified to receive this recognition and we congratulate our partners at AlixPartners on their achievements.”
“AlixPartners is honored to have played a key role in the turnaround of Solo Cup Company,” said David Garfield, managing director, AlixPartners LLP. “Bob Korzenski and his team made it possible for us to help the company truly change its outcome.”
The M&A Advisor Awards were presented at The M&A Advisor annual conference in
Solo Cup Company is a $2.1 billion company exclusively focused on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets. Solo has broad expertise in paper, plastic and foam and creates brand name products under the Solo and Sweetheart names. The company was established in 1936 and has a global presence with facilities in
