Belgium-based protective and logistics packaging solutions firm VPK Packaging Group has closed the acquisition of Corenso’s European and Chinese operations from NPAC International.
As the transaction is complete, the acquired businesses of Corenso will be merged with VPK’s core division Corex.
The combined entity will have well-balanced capacities of coreboard and cores to enhance business continuity and stability for its customers.
Corenso is a member of NPAC Holdings and supplies coreboard, cardboard tubes and cores for a range of industrial applications. It has 850 employees in Europe and China, and a combined turnover of €170m.
The company currently operates ten core and tube winding plants across Europe along with two coreboard-making facilities in Finland and France. It also has three core and tube winding plants in China.
Announced in February this year, the deal expands VPK Packaging’s presence to new markets such as Finland, Spain, and China.
VPK Packaging Group CEO Pierre Macharis said: “VPK is excited to welcome Corenso and looks forward to the future prospects of Corex and Corenso as one company.
“A decentralised business model, combined with a wide geographical reach, is what will continue to differentiate us in the market.
“Building on a common culture of customer-focused local empowerment, we have a unique opportunity to learn from each other, share best practices and combine the experiences, talent and strengths into one organisation.”
NPAC International will also continue to own Corenso’s North American operations.
VPK Packaging operates core and tube business under the Corex brand, which has 14 facilities to produce industrial cores and tubes for winding paper, foil, textiles and metal.
Corex also manufactures composite cans for packing food, snacks, spices, cosmetics and spirits industries.