Belgium-based packaging company VPK Packaging group has made its first acquisition in Ireland with an agreement to acquire 100% shares of corrugated board box manufacturer ICS Europaks for an undisclosed amount.
Based in Galvone Industrial Estate in Limerick, Ireland, ICS Europaks produces corrugated sheets from quality paper and converts them into custom designed packaging based on the requirement of customers.
VPK said that the deal is subject to certain conditions customary to this type of transaction.
ICS Europaks claims to be the only integrated manufacturer located outside of Dublin, Leinster.
Owing to its base in Limerick, the company says that it is ideally positioned to service the needs of customers in Munster, the Mid West and nationally.
ICS Europaks business will be operated as a stand-alone unit by VPK's British subsidiary, Rigid Containers.
Rigid Containers managing director Richard Coward said: "We are really excited about bringing ICS Europaks into the Rigid Containers Group.
"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."
Established in 1936, VPK Packaging currently operates 36 plants in 12 countries. In 2013, the company recorded an income of €720m with close to 3,500 employees.
It produces around 700,000 tons of paper for corrugated board with three paper machines, 80,000 tons of board for corewinding with one board machine, 460 mio m2 of corrugated board sheets with three Aquila sheet feeders, 900 mio m2 of corrugated board packaging in its 12 corrugated board packaging plants, 80,000 tons of solid board packaging in its 2 smart packaging solutions plants and about 120,000 tons of cores and edge protectors in its 12 Corex plants.
Image: ICS Europaks produces corrugated sheets from quality paper and converts them into custom designed packaging. Photo: courtesy of Rawich/freedigitalphotos.net.
