Van Genechten Packaging International signs agreement with Stora Enso
Luxembourg - Helsinki – Van Genechten Packaging International (VGPI) has agreed today to acquire the Packaging plant from Stora Enso (SE), located in Komarom, Hungary.
The site realises sales of 14 Mio € with less than 100 people and is specialised in the conception and production of microflute packaging.
Widening of geographical footprint
”The acquisition widens our geographical footprint in Central Europe, with an excellent location just at the north of Budapest”, says Frederic de Somer, Managing Director of VGPI. “It is also complementary to our existing Microflute operations in Belgium, allowing us to become a leading player in this growing segment. The highly skilled people and state of the art equipment enables the Hungarian plant (built in 2008) to offer complex Microflute solutions to its customers. Our strong presence in Western and Central Europe will be to the benefit of our customers, both in terms of supply chain and in time to market”.
Following the growth of our customers
”By this acquisition we follow the demand of our multinational and regional customers who are strongly growing in Central and Eastern Europe, offering them our trusted high quality standards and our rewarded innovation capabilities. This represents the next step of VGPI’s long term growth strategy focusing on chosen markets and driving business with its preferred partners”, says Lorenzo Delorenzi, CEO of VGPI.
The acquisition is expected to be completed within 1 month.