HIGHLAND PARK, Ill. The M&A Advisor recently granted its “Industrial Turnaround of the Year” award to the Solo Cup Co., which utilized the company’s Performance Improvement Program to improve gross margins, operating income and overall profitability through increased efficiency and cost reduction, Solo reported.
Solo, working with Alix Partners, 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 Korzenski, president and chief executive officer of the Solo Cup Co. “We are gratified to receive this recognition and we congratulate our partners at AlixPartners on their achievements.”
The M&A Advisor, a leading information and publishing company serving the investment banking, private equity and professional services industry, presented the awards at its annual conference, held on Feb. 24th and 25th in Palm Beach, Fla.
“AlixPartners is honored to have played a key role in the turnaround of Solo Cup Co.,” said David Garfield, managing director of AlixPartners. “Bob Korzenski and his team made it possible for us to help the company truly change its outcome.”