Italian recycled paperboard producer Reno De Medici (RDM) announced that it has signed an agreement to acquire Fineska, the parent company of Eska, the Dutch manufacturer of recycled fiberboard.
Currently owned by the US investment company Andlinger & Co, Eska operates two mills in the Netherlands (in Sappemeer and Hoogezand). These plants produce up to 290,000 tons of recycled solid board per year, which is used for many applications such as luxury packaging, binders, puzzles and stationery.
This transaction is in line with the growth strategy we had defined," said says Michele Bianchi, CEO of RDM, which has a turnover of 700 million euros with three plants in Italy, one in France, one in Germany and one in Spain . It provides us with new opportunities to develop on a broader geographical scale, strengthening the resilience of our group's performance. Eska's product portfolio is focused on specialty lines, similar to the Ovaro plant portfolio (in Italy, Editor's note) ."
Eska also has three service centers with slitting and warehouse operations in the United States, Italy and Spain and the group has sales offices in the United Kingdom and Hong Kong.
Eska's sales in 2020 amounted to 149.7 million Euro, net income to 12.7 million Euro and net financial debt to 2.5 million Euro as of December 31, 2020.
"With its integration into the RDM Group, we plan to implement the same multi-plant strategic approach that has worked well in our core WLC business."
The transaction is expected to close by July 31, 2021.
