Belgium-based protective and logistics packaging solutions firms VPK Packaging Group has signed an agreement with NPAC International to purchase the European and Chinese operations of Corenso.
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.
The transaction is expected to expand the presence of VPK Packaging to new markets such as Finland, Spain and China. It will complement its global demand for cardboard cores and tubes.
The company operates core and tube business under the Corex brand, which currently operates 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.
VPK Packaging CEO Pierre Macharis said: “Corex and Corenso have made an impressive journey over the last decade. We are delighted to join forces to provide a wider geographical coverage while making optimum use of the network and the expertise of VPK.
“Our customers can rely on unique quality and service offered by Corex and Corenso. By integrating two additional paper mills, we also provide a strategic, geographical axis for raw material supply from Finland via Belgium to the south of France.”
The transaction is currently subject to customary conditions and is expected to be completed in the second quarter of this year.
Following completion of the deal, the core and tube division will represent 16% of VPK’s group turnover and is expected to have a 285,000t total conversion capacity and 300,000t coreboard production capacity.
NPAC International will continue to own Corenso’s North American operations.