HONG KONG, June 24, 2024 /PRNewswire/ — CoinEx, a leading crypto exchange, announced the update of its Asset Reserve Ratio on 24th June 2024 15:00 (UTC+8). This advancement underlines CoinEx’s commitment to enhancing transparency, security, and trust within the cryptocurrency community.

Through the deployment of the Merkle Tree structure, this procedure allows every user to verify their assets whether included in the Merkle Tree, to authenticate the data’s validity for secure verification of asset reserves. The latest data published by CoinEx, shows it holds a 1:1 reserve ratio. CET reached 113.31%, while the reserve ratios for mainstream assets such as USDT, USDC, BTC, and ETH have all exceeded 100%. This means for every $1 of assets deposited by users, CoinEx reserves at least an additional $1 to ensure the platform has sufficient funds to meet user withdrawal demands. Currently, CoinEx proves its reserve of CET, USDT, USDC, BTC, ETH, and DOGE. CoinEx always prioritises user asset security and has maintained a 100% reserve ratio for the past seven years since 2017. The update is an essential metric that reflects CoinEx’s dedication to ensuring user funds’ safety and maintaining a healthy investing environment.

For more information on the updated Asset Reserve Ratio and the Merkle Tree structure, please visit here.

All-rounded Security Measures for a Safer Experience 
Aside from updating Asset Reserve Ratio, CoinEx is actively constructing its security system, and upholds the “User First” principle. The CoinEx security team uses a variety of advanced mechanisms to balance convenience and security in hot and cold wallets, including multi-signature protocols, physical separation of systems, real-time monitoring, and automated alerts. CoinEx also established a Shield Fund which dedicates 10% trading fees to further securing the integrity of user assets against extreme risks. CoinEx has collaborated with top blockchain security institutions to form a strategic security partnership in order to assemble a top-tier security team and build a solid fortress, equipping the platform with comprehensive security. 

About CoinEx

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CoinEx was founded in 2017, and upholds the mission to leverage the transformative power of blockchain technology, guided by “user first” brand ethos. CoinEx boasts a selection of trading options for BTC, stablecoins, and 1,000+ cryptocurrencies. The platform ensures rapid and stable performance across 200+ countries, alongside seamless deposit and withdrawal processes. CoinEx is dedicated to providing a gateway to the cryptocurrency world with multi-language support for global users.

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BRUSSELS, June 24, 2024 /PRNewswire/ — A new report from The Conference Board, based on a survey of 78 of Europe’s largest employers, finds that the EU’s new Pay Transparency Directive is pushing businesses to set global policies on pay. 55% of senior human resource executives surveyed say that they have, or are planning, a single approach to pay across their international operations. However, the report also highlights the need for accelerated action to implement the Directive, with 41% of respondents–whose companies collectively employ approximately three million people globally–saying that they have yet to begin preparing.

Under the Directive, effective starting June 2026, companies that employ more than one hundred workers in the EU must disclose information about pay levels to employees and candidates, and report annually on their gender pay gap. If the gap is higher than five percent, they must take mitigating action or face mandatory fines.

The report, Countdown to the EU’s New Law on Pay Transparency, notes that there are strong concerns among employers about the new requirements. Many are apprehensive about how the regulation will affect wage bills, competitiveness, and the ability of managers to reward their best performers.

The report was launched at The Conference Board’s Future: Reward Europe event, held in Brussels. In a separate live poll conducted at the gathering of senior executives responsible for pay, 44% of participants said that they were “concerned or very concerned” about the impact on wage bills, with only 3% “not at all concerned”. Of the 75 respondents to the live poll, 43% said that the Directive could increase their European wage bills by between 2.6% and 5%.

“Our analysis shows that complying with the Directive is data-intensive and requires a high level of cross-functional collaboration, so it is a concern that many businesses have not yet begun to prepare for it,” said Jean-Marc Verbist, Leader of The Conference Board Human Capital Center, Europe. “Compliance is likely to come with a significant cost. Beyond the anticipated short-term rise in wage bills, businesses will also need to invest in training, data gathering, and internal and external communications. Chief Human Resource Officers need to ensure their boards and senior managers are aware of the risks of non- and low-quality compliance: not just potential fines, but also increased workplace tensions and loss of productivity.”

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Key highlights from the report include:

SETTING GLOBAL STANDARDS:

Pay transparency is gathering momentum around the world:

• 10% of survey respondents already have a global framework for pay transparency in place, while 45% say that they are planning a global approach.
• 30% say that they will restrict pay transparency to EU regulatory requirements, while 15% remain undecided.

REGULATORY READINESS

Businesses are off to a slow start in preparing to comply with the EU Directive:

• 16% of businesses assess themselves as being a significantly long way from readiness, and 41% have not yet begun preparing for implementation.
• Less than 2% of businesses believe that they are already compliant with the regulation, while 10% believe they are close to readiness.
• 44% of respondents say that their internal systems and data require additional work to capture and analyze the data required by the Directive.

IMPACT ON EMPLOYEES

Managers see the upside of pay transparency regulations, but there are risks:

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• 30% of respondents believe that the Directive will help them to address the gender pay gap and improve female representation at a senior level.
• 25% say that the Directive will enable managers to have open discussions with staff and debunk perceptions around pay.
• In discussion, executives voiced concerns about the impact on labor relations and negotiations with social partners, including unions and works councils.

About The Conference Board  
The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead™. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.ConferenceBoard.org 

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NEW YORK, June 24, 2024 /PRNewswire/ — KPS Capital Partners, LP (“KPS”) announced today that it has entered into an agreement for its portfolio company, Eviosys (the “Company”), to be sold to Sonoco Products Company (“Sonoco”, NYSE: SON), a Hartsville, South Carolina-based global leader in high-value sustainable packaging, for €3.615 billion (or approximately $3.9 billion). Sonoco has the option, under certain circumstances, to pay up to $200 million of the purchase consideration in the form of Sonoco stock. The transaction is expected to close by the end of 2024, and is subject to completion of required works council consultations and the receipt of required regulatory approvals and other customary closing conditions.

Eviosys is a leading global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging to preserve the products of hundreds of consumer brands. Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with over 6,300 employees in 44 manufacturing facilities across 17 countries in Europe, the Middle East and Africa. Eviosys is a global leader in sustainability, with a product portfolio comprised entirely of infinitely recyclable metal packaging and industry-leading performance across a broad spectrum of sustainability metrics.  

KPS created Eviosys to acquire Crown Holdings, Inc.’s (“Crown”, NYSE: CCK) EMEA Food and Consumer Packaging Business in August 2021 in a highly complex global corporate carve-out transaction. Crown retained a 20% ownership interest in Eviosys. KPS assembled an accomplished management team, led by Chief Executive Officer Tomás López, to lead the transformation of Eviosys into one of Europe’s largest and most profitable packaging companies. In under three years of ownership, KPS, in partnership with management, successfully transformed Eviosys into a fully independent and significantly more profitable company focused on growth, innovation and sustainability.  

KPS and Eviosys’ management team structurally improved the strategic position and competitiveness of Eviosys, resulting in an approximate 50% improvement in profitability in under three years of KPS ownership. KPS invested nearly €225 million in capital expenditures and significant resources to execute a comprehensive business transformation plan focused on optimizing Eviosys’ manufacturing footprint to drive asset utilization, reducing operational costs and growing volumes in new and existing geographies. Eviosys made remarkable progress in advancing its sustainability objectives, surpassing its publicly committed greenhouse gas emissions reductions targets and achieving an EcoVadis Platinum rating in 2023, placing it in the top 1% of all companies ranked by EcoVadis. Eviosys today is a thriving, independent company providing its customers with innovative and sustainable metal packaging solutions at the highest standards for quality and at scale.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, “Eviosys is another demonstration of KPS’ investment strategy of seeing value where others do not, buying right and making businesses better, across economic cycles, geographies and industries over decades.

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We are proud of Eviosys’ extraordinary transformation under our ownership. Eviosys demonstrates our ability to build industry-leading companies on a global basis. The Company’s success is a direct result of KPS’ commitment to, and investment in, the Company’s R&D, innovative new technologies and products, manufacturing facilities and people. We believe the acquisition of Eviosys by Sonoco will benefit the combined companies’ customers, employees and investors. The industrial logic is compelling.

We congratulate and thank Tomás López, Eviosys’ Chief Executive Officer, along with the Company’s senior management team, for their strategic vision and brilliant execution, which resulted in tremendous value creation under KPS’ ownership in a short period of time. We also thank Crown for being a highly constructive and supportive partner.”

Tomás López, Chief Executive Officer of Eviosys, added, “For over 200 years, Eviosys and its predecessor companies have provided best-in-class metal packaging that enhances the appeal of our customers’ brands. KPS recognized the investment opportunity and upside presented by Eviosys. KPS’ extensive manufacturing expertise and experience provided us with the plan and resources that resulted in enormous value creation. We thank KPS for creating a culture in our company focused on continuous improvement, manufacturing excellence and environmental stewardship. We are proud of our people, products and service. By combining with Sonoco, we will work to bring our high quality, sustainable and innovative packaging solutions to new and existing customers around the globe. Our companies share a strong commitment to providing the highest levels of customer service, safety for our employees, and operating efficiencies.”

Rothschild & Co is serving as sole financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to KPS and Eviosys. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Sonoco and Freshfields Bruckhaus Deringer LLP is serving as Sonoco’s legal counsel.

About Eviosys
Eviosys is a leading global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging to preserve the products of hundreds of consumer brands. Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with over 6,300 employees in 44 manufacturing facilities across 17 countries in Europe, the Middle East and Africa. Eviosys is a global leader in sustainability, with a product portfolio comprised entirely of infinitely recyclable metal packaging and industry-leading performance across a broad spectrum of sustainability metrics. To learn more, visit www.eviosys.com.

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About KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.6 billion of assets under management (as of March 31, 2024). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $19.6 billion, operate 223 manufacturing facilities in 26 countries, and have approximately 47,000 employees, directly and through joint ventures worldwide (as of March 31, 2024). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

About Sonoco
With net sales of approximately $6.8 billion in 2023, Sonoco has approximately 22,000 employees working in more than 300 operations around the world, serving some of the world’s best-known brands. With our corporate purpose of Better Packaging. Better Life., Sonoco is committed to creating sustainable products and a better world for our customers, employees, and communities. Sonoco was named one of America’s Most Responsible Companies by Newsweek. For more information on the Company, visit our website at www.sonoco.com.

Forward-Looking Statements
This presses release contains “forward-looking statements”, including statements regarding the contemplated transaction. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates.  Forward-looking statements in this document include, without limitation, statements regarding the Company’s expectations as to the completion and timing of the contemplated transaction, including with respect to works council consultations, regulatory approvals and the satisfaction of other closing conditions, and the anticipated impacts of the contemplated transaction.  These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements.  Factors that could cause actual results to differ include, among other things: the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement or could otherwise cause the transactions contemplated therein to fail to close; the inability of the Company or Sonoco to satisfy the conditions to closing; and other risks and uncertainties.  The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly required by law.  All forward-looking statements in this document are qualified in their entirety by this cautionary statement.

Statements By Portfolio Company Executives

Certain statements about KPS made by portfolio company executives herein are intended to illustrate KPS’ business relationship with such persons, including with respect to KPS’ facilities as a business partner, rather than KPS’ capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with the communication of such statements, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in KPS-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.

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