NEW YORK, N.Y., Dec. 2, 2014 (GLOBE NEWSWIRE) -- AlixPartners, the global business-advisory firm, today announced it has won Asia Transformation and Turnaround Association's (ATTA) "Large Turnaround of 2014" award for its work on the corporate turnaround and restructuring of Zhuhai Zhongfu Enterprise Co., Ltd., which is the largest PET (polyethylene terephthalate) beverage-packaging manufacturer in China and listed on the Shenzhen Stock Exchange.
The beverage packaging industry in China has been suffering overcapacity due to a wave of investment in new facilities to improve efficiencies and reduce costs. Zhuhai Zhongfu, a portfolio company of CVC Capital Partners since October 2007, engaged AlixPartners between June 2013 and March 2014 to drive turnaround initiatives with particular focuses on supply chain management, manufacturing footprint optimization and sales volume. With great teamwork, collaboration, cooperation and trust, the AlixPartners team and the management of Zhuhai Zhongfu worked seamlessly towards a common goal.
Rupert Purser, the chair of the judging panel for the ATTA Awards, said, "We received a record number of submissions for the Awards this year. What impressed us the most by the AlixPartners' submission was the holistic approach to turnaround, involving all operational functions, where turnaround led the debt restructuring instead of the other way around. Additionally, the scale of the operational changes across China was impressive as are the sustained benefits to the company from the process."
Steve Maurer, a managing director at AlixPartners and its China head, said, "With our hands-on experience, we successfully helped Zhuhai Zhongfu dispose of non-performing or underutilized assets and helped take out operating costs through a combination of rightsizing the business, streamlining the organization structure and driving efficiency gains. With great collaboration with the Zhuhai Zhongfu management, our team was able to drive an operational as well as financial restructuring across the operating plants and the business infrastructure. We also worked together with the company's board to provide skills transfer from our professionals to enable Zhuhai Zhongfu to improve its own internal capabilities to continue identifying and driving operational and financial improvements within the organization."
About the Asia Transformation and Turnaround Association (ATTA)
The Asia Transformation and Turnaround Association (ATTA) is an organization of experienced international professionals in business transformation and turnaround in Asia. It brings together leaders in the sector to share their executive experience and industry knowledge. ATTA is a platform for innovative problem-solvers working on the frontline of business transformation and turnaround management -- the people who make day-to-day decisions that shape the future of businesses in Asia and around the world. ATTA members include individual practitioners, corporate executives and certified professionals from leading international firms. For more information, please visit asiatta.com.
AlixPartners is a leading global business-advisory firm of results-oriented professionals who specialize in creating value and restoring performance at every stage of the business lifecycle. We thrive on our ability to make a difference in high-impact situations and deliver sustainable, bottom-line results. The firm's expertise covers a wide range of businesses and industries whether they are healthy, challenged or distressed. Since 1981, we have taken a unique, small-team, action-oriented approach to helping corporate boards and management, law firms, investment banks and investors respond to critical business issues. For more information, please visit alixpartners.com.