The Belgian VPK Group continues its investments. While it has just announced its participation in the capital of Viallon Emballage the producer of recycled paper and packaging also becomes a majority shareholder in the UK corrugated board manufacturer CorrBoard located in Scunthorpe.
VPK, which has revenues of ?1.4 billion and employs 6,200 people worldwide, has increased its stake (by 30%) to 50% through a subscription of new shares and the acquisition of the stake of the former shareholder Garthwest. VPK already has four production sites in the UK.
Pierre Macharis, CEO of the VPK Group, states in a press release : "CorrBoard's modern plant 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 to provide high levels of service and a competitive product offering in the market. VPK has a long history of successful joint ventures across Europe and sees CorrBoard as an excellent way to continue this in the UK sheetfed carton market."
In the near future, CorrBoard will install a new automated palletizing system worth GBP 1.5 million (approximately EUR 1.7 million) in its plant.
