VPK Packaging to Acquire Corenso's Businesses in Europe and China
Corenso's European and Chinese businesses consist of two coreboard mills located in Finland and France, together with a network of 10 core and tube winding plants in Europe and 3 in China.
Feb. 27, 2019 - VPK Packaging Group on Feb. 21 announced that it has reached an agreement with NPAC International Inc. to acquire the European and Chinese businesses of Corenso. Terms of the deal were not disclosed. Corenso is an international manufacturer of high performance coreboard and cores with operations in North America, Europe and China and its products are used in a broad range of demanding industrial applications. Corenso businesses in North America will continue to be owned by NPAC and will continue to operate under the Corenso brand. Corenso's European and Chinese businesses consist of two coreboard mills located in Finland and France, together with a network of 10 core and tube winding plants in Europe and 3 in China. Combined turnover is 170 million euros and the businesses have 850 employees in Europe and China. VPK's core and tube division is marketed under the Corex brand and has 14 sites for the production of industrial cores and tubes for winding paper, foil, textiles and metal. In addition, Corex also produces composite cans used for packing food, snacks, spices, cosmetics and spirits. Following completion of the acquisition, the core and tube division will represent 260 million euros or 16% of VPK's group turnover, with a total conversion capacity of 285,000 tons. Total production capacity of coreboard corresponds to 300,000 tons. The acquisition of Corenso broadens the geographical spread to regions where VPK has not been active to date. Important new markets are Finland, Spain and China. VPK Packaging Group CEO, Pierre Macharis, said, “Corex and Corenso have made an impressive journey over the last decade. We are delighted to join forces to provide a wider geographical coverage while making optimum use of the network and the expertise of VPK. Our customers can rely on unique quality and service offered by Corex and Corenso. By integrating two additional paper mills, we also provide a strategic, geographical axis for raw material supply from Finland via Belgium to the south of France.” The agreement remains subject to customary conditions and is expected to be completed in second quarter of 2019. With headquarters in Belgium, VPK Packaging Group produces a wide range of tailor-made solutions for corrugated board and solid board packaging, cores and edge protectors. To learn more, please visit: www.vpkgroup.com SOURCE: VPK Packaging Group |