Papierfabrik Palm is expanding its corrugated business to Italy but not through the acquisition of Ondulati Giusti as previously planned.
Germany's paper and packaging producer Papierfabrik Palm is expanding its European corrugated business through an acquisition in Italy. The group announced it would take over corrugated sheet company Ondulato Lecchese, based in Lugaro d’Erba in the Province of Como. The takeover is taking place against the backdrop of a “generational transition” at Ondulato Lecchese and the family shareholders had decided to hand over control of the firm to Papierfabrik Palm, which will ensure the “successful further development of the operations”, according to a press release.
With this acquisition Papierfabrik Palm will gain its first industrial site in Italy and "round out its market position in Europe," the company explained. Until now, Papierfabrik Palm has had a sales office in Milan from which it has served its customers for newsprint and corrugated case material on the Italian market. When contacted by EUWID, Papierfabrik Palm declined to provide any financial details about the deal or the technical specifications of the corrugated sheet manufacturer Ondulato Lecchese.
According to information from the Italian industry website stampamedia.net, the takeover of Ondulato Lucchese by Papierfabrik Palm may be a replacement project for the attempted acquisition of Ondulati Giusti and its subsidiary Cartonificio Fiorentino, which is believed to have failed.
Source : euwid-paper.com