Belgium-based VPK Packaging Group has agreed to acquire a 30% stake in corrugated sheet manufacturer CorrBoard UK for an undisclosed price.
As part of the transaction, VPK Packaging has agreed for a capital increase and will acquire the stake of Corrugated Synergies International in the CorrBoard UK consortium.
Post transaction, the North Lincolnshire-based CorrBoard UK will be supported fully by Rigid Containers, the packaging division of VPK Packaging in the UK.
A CorrBoard spokesperson said: “Our operational success will be further enhanced with VPK’s involvement and we plan to grow the current volume of 130 Million m² of sheets produced off the state-of-the-art 2.8M Fosber corrugator.
“We also produce 35 Million m² of single faced product from the same machine. VPK have a proven track record in their Aquila sheet-feeding business producing 700 Million m² of sheets per annum.”
Apart from Corrugated Synergies, the CorrBoard consortium also features Beaucrest Packaging Solutions, Dairi-Pak, McLaren Packaging, Fencor Packaging Group, GWP Group, Garthwest and Swanline Print.
Corrugated Synergies International has been the operational partner for three years at the CorrBoard UK factory in Scunthorpe.
VPK Packaging Group CEO Pierre Macharis stated: “CorrBoard’s modern 320,000ft2 factory is impressive and with VPK’s strong management, know-how and skills, we expect to continue to operate as an independent unit with a dedicated strategy.
“This will deliver high service levels and a competitive product offering to the market.”
VPK operates a network of facilities in paper manufacture, corrugated and solid board packaging located in Belgium, the UK, The Netherlands, France, Ireland, Germany, Poland, Romania and Scandinavia. It also has additional facilities in the US and Turkey.
