VPK Becomes Major Shareholder in UK-based Sheet Manufacturer CorrBoard
The new shareholder structure aims to bring added financial security to CorrBoard as well as an ambitious investment strategy going forward.
May 20, 2020 - Corrugated sheet manufacturer CorrBoard UK Ltd has received new investment from two of its major shareholders. VPK Group NV has increased its shareholding to become a 50% shareholder, through a subscription for new shares and the acquisition of the stake of former shareholder Garthwest. McLaren Packaging, one of CorrBoard's founding partners, has also subscribed for new shares. VPK produces recycled paper and paper-based packaging, with markets in food and beverages, consumer goods and e-commerce, tubes and cores. With an annual turnover of 1.4 billion euros, the group employs over 6,200 employees at more than 65 production sites in 20 countries. Pierre Macharis, CEO of VPK Group, said, "CorrBoard's modern factory is impressive and with this new investment, strong management, know-how and skills, CorrBoard will continue to operate as an independent unit with a dedicated strategy. This will help deliver high service levels and a competitive product offering to the market. VPK has a long history of successful joint ventures across Europe and views CorrBoard as a great way of continuing that in the UK sheet board market." CorrBoard will shortly be installing a new £1.5m automated palletisation system at its 320,000 sq. ft. North Lincolnshire plant as well as significant IT control system upgrades. The new shareholder structure aims to bring added financial security to the company as well as an ambitious investment strategy going forward. Also adjacent to the CorrBoard's site is CorrBoard Bionergy Ltd, a joint venture between two of the consortium members, Swanline and McLaren, which provides energy to CorrBoard, thereby facilitating the manufacture of carbon neutral corrugated material. Donald McLaren, Managing Director of McLaren Packaging said, "CorrBoard's operational success will be further enhanced with VPK's increased involvement. By working closely with VPK, CorrBoard's UK partners are excited about the bold plans for the future." The CorrBoard consortium consists of: VPK Group, Dairi-Pak, Fencor Packaging Group, GWP Group, McLaren Packaging and Swanline Print. https://www.corrboarduk.com/ About CorrBoardCorrBoard is a privately-owned Limited Liability Company. The shareholders are UK-based sheet plants and VPK, which is based in Belgium. CorrBoard is an independent sheet feeder, the stakeholders of which are all strong independent companies in their own right. www.corrboarduk.com VPK Packaging Group NV product range covers tailor-made solutions for corrugated board and solid board packaging, cores and edge protectors. All of these products are fully recyclable and the Group's paper is made of exclusively recycled fibres. For further information, visit: www.vpkgroup.com SOURCE: VPK Group |