Peterson Packaging will part with its corrugated packaging operations. Belgian company VPK Packaging plans to buy the business which consists of six plants in Scandinavia.
Belgian paper and packaging group VPK Packaging (VPK) plans to take over the corrugated packaging business of Norwegian company Peterson Packaging. A company spokeswoman said that a sales and purchase agreement had been signed between the parties. The transaction is expected to close in a few weeks.
The takeover includes six corrugated packaging plants. Three of the plants are located in Norway: the Sarpsborg site with a capacity of 95 million m² of corrugated packaging, the Sykkylven site which is specialised in packaging for the furniture industry and the Kampenes display packaging site. In Norrköping and Backefors in Sweden as well as in the Dutch Randers plant, the company produces corrugated packaging with a capacity of 90 million m², 62 million m² and 102 milllion m², respectively.
Peterson also owns a paper mill in Ranheim in Norway where it can make up to 100,000 tpy of corrugated case material, coreboard, greyboard, and specialty papers on two machines. This mill is not part of the transaction and will remain with investment company Pemco, the owner of Peterson Packaging. Peterson employs around 920 people.
VPK Packaging operates 40 plants in 13 countries. The company's portfolio includes corrugated packaging, corrugated sheets, recycled paper, cores and edge protectors as well as solid board. In 2015, VPK produced 834,000 t of paper, 791,000 t of corrugated board and 204,000 t of solid board and cores with 4,000 employees. The company booked sales of €946m.
Source : euwid-paper.com