VPK Packaging Group has reached an agreement to acquire the European and Chinese businesses of coreboard and tube producer Corenso, as the company says in the press release received by Lesprom Network.
The agreement between VPK Packaging Group and NPAC International Inc. - a company controlled by Madison Dearborn Partners - is for the acquisition by VPK of Corenso's European and Chinese activities, consisting of two coreboard mills and 13 core converting plants. The activities of Corenso in North America will continue to be owned by NPAC International. The agreement remains subject to customary conditions and is expected to be completed in 2Q 2019.
The European and Chinese businesses of Corenso include 2 coreboard mills located in Finland and France, together with a network of 10 core and tube winding plants in Europe and 3 in China. Combined turnover is Euro 170 million. Corenso has 850 employees in Europe and China.
Following completion of the acquisition, the core and tube division will represent 260 million euros or 16% of VPK's group turnover, with a total conversion capacity of 285,000 tons. Total production capacity of coreboard corresponds to 300,000 tons.
Corenso is an international supplier of coreboard, cardboard tubes and cores which are used in a broad range of demanding industrial applications.
