Protective and logistics packaging specialist VPK Packaging Group has agreed to acquire 100% of corrugated board box manufacturer ICS Europaks for an undisclosed amount.
VPK Packaging entered an agreement to this effect, which is subject to certain customary conditions.
Based in Ireland, ICS Europaks produces corrugated sheets from quality paper and converts them into custom designed packaging to meet customer's requirements.
Upon completion of the acquisition, VPK's UK subsidiary Rigid Containers will continue to run the ICS Europaks business as a stand-alone unit.
Rigid Containers managing director Richard Coward said: "ICS has a well established customer base that we very much look forward to working with.
"Once the manufacturing site in Limerick becomes part of the Rigid Containers Group, we can reduce lead times for the Irish market, which will further confirm our market position."
VPK Packaging employs 3,500 people and operates 36 plants in 12 countries. It generated €720m in operating income during 2013.
The company processes recycled paper at its paper mills in Dendermonde and Strasbourg into new paper as valuable raw material for corrugated board, solid board, cores and edge protectors.
It produces paper, including corrugated and liner paper, and boards for packaging purposes using recycled paper and cardboard as raw material.
In addition, it offers solid boards under the Smart Packaging Solutions brand name for use in packaging fresh and frozen foods, as well as flowers and industrial applications, cardboard cores, edge protectors, and spiral and parallel wound tubes for winding flexible products under the Corex brand.
Image: ICS Europaks produces corrugated sheets from quality paper and convert them into custom designed packaging. Photo: courtesy of nuttakit / freedigitalphotos.