Corex, the tube and cornerboard division of Belgian cardboard packaging manufacturer VPK, has reached an agreement to acquire Arteche Paper, an Iberian manufacturer of cardboard, cores, tubes and cornerboards. The acquisition is expected to be completed by the end of the second quarter, according to VPK. After those of Coronso in France and Topcore in Finland in 2019 and 2021, this acquisition is expected to strengthen Corex's presence in Europe.
"This acquisition is part of Corex's strategy to continue our investment in our core and angle product portfolio, while ensuring a good balance with our tube carton offering." explains Denis Zenner, President and CEO of Corex, which has 1,300 employees.
Arteche Paper has a tubeboard production site in Porto, Portugal, and five converting units in Portugal and Spain, with a total production capacity of 130,000 tons and a turnover of 65 million euros.
"Joining forces with Arteche will allow us to have a wider geographic coverage, while making the best use of VPK's network and expertise, says Pierre Macharis, President and CEO of VPK Group. By integrating an additional paperboard production site, we create a strategic and geographical axis for the supply of renewable raw materials. This axis extends from the tubeboard production site in Finland, to Belgium, to the south of France and Portugal."
