Corex, part of the VPK Group, has entered into a binding agreement to acquire Arteche Paper, a leading player in the production of cardboard, tubes and cardboard corners in the Iberian market that brings together, in addition to Papeleira Coreboard, the Spiralpack and Cartangola brands in Portugal and Mandriles Cicarsa, Embalpack Levante and 3A Pack in Spain. The deal is subject to customary terms being met and is expected to be completed in the second quarter of 2023.
Following the acquisitions of Corenso and Topcore in 2019 and 2021, Corex continues to build an integrated network of paperboard, tubes and corners in Europe and China. With the acquisition of Arteche Paper, Corex is expanding its network with a cardboard plant with 70.000 tons of capacity in Porto and five production plants in Porto, Tolosa, Valencia and Barcelona with a combined capacity of 60.000 tons and a combined turnover of 65 millions of euros.
Pierre Macharis, CEO of VPK Group, states: “Corex and Arteche have achieved an impressive track record in recent years. Joining forces with Arteche will allow us to offer broader geographic coverage while optimizing the network and VPK experience. In turn, the integration of a new board mill creates a strategic geographic axis for the supply of renewable raw materials from the Corex board mill in Finland via Belgium to the mills in the south of France and Portugal.”
For its part, Dennis Zenner, CEO of Corex states; “This acquisition builds on Corex's strategy to continue to invest in our tube and corner edge portfolio, and ensures a good balance of integration with our paperboard offering. Our customers will have the exclusive quality and service offered by each plant. Arteche and his team have a solid reputation in the market and, like Corex and VPK, his management is based on a solid local initiative with deep respect for people and the environment. Thanks to the sustainable investments that have been made in recent years, they are already on the path to becoming “carbon-neutral” plants. We are delighted to welcome the Arteche team to the Corex family.”
Finally, André Mota e Silva, CEO of Arteche, says; “We are very happy to join forces with Corex. This will allow us to further enhance our position as an integrated and reliable supplier to our customers in the Iberian market. I would like to thank Crest Capital Partners for their strong support in the development of Arteche over the past four years and we look forward to writing the next chapter together with Corex and VPK. Thank you also to our team, for their efforts and dedication that have enabled continuous and sustainable growth over the years, and to our customers and suppliers, for the trust placed in us throughout all this time."
