Corex, part of VPK Group, has entered into a binding agreement to acquire Arteche Paper, a leading producer of coreboard, cores and edge protectors in the Iberian market.
Terms of the deal were not disclosed.
The acquisition includes a coreboard mill in Porto, Portugal, with the capacity to produce 70,000 tons per year, and five converting units in Porto, Tolosa, Valencia and Barcelona with a combined production capacity of 60,000 tons per year. Together, the businesses generate EUR 65 million in revenue.
"Corex and Arteche have made an impressive track record in recent years," said Pierre Macharis, CEO of VPK Group. "Joining forces with Arteche will allow us to offer wider geographical coverage while making the best use of VPK's network and expertise. The integration of an additional board mill creates a strategic, geographical axis for the supply of renewable raw materials from Corex's coreboard mill in Finland via Belgium to southern France and Portugal."
The acquisition of Arteche Paper follows the acquisitions of Corenso and Topcore in 2019 and 2021, respectively, and is in line with Corex's strategy to build an integrated network of coreboard, cores and edge protectors across Europe and China.
The agreement to acquire Arteche Paper remains subject to customary conditions and is expected to be completed in the second quarter of 2023.
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