Saica Group has agreed to buy a minority share of Belgium corrugated cardboard producer Pacapime.
The acquisition will help to expand Saica's footprint in central Europe as Halle, Belgium-based Pacapime has a strong presence in the Benelux countries, France and Germany, with 80 per cent of its sales in the food sector. Pacapime has 109 employees and generated sales revenues of €61m in 2022.
The company shares Saica’s focus on sustainability, with a heavy use of recycled paper, its own solar panels that cover a third of its annual energy needs, and numerous water and energy efficiency measures in place, writes the Spanish company.
Financial details of the transaction were not disclosed.
“Like Pacapime, Saica is a company rich in heritage and led by strong values, and we are delighted to welcome them as an investor and partner. Together, our additional scale and expertise will bring significant benefits for both parties and we are excited about the potential of this new international partnership,” said Paul Pissens, owner of Pacapime.
Saica Group is one of the leading suppliers to European corrugated markets with an annual production capacity of 3.3 million t of recycled containerboard and more than 10,000 employees and sites in Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Poland, Portugal, Turkey, the UK and the US.
