With the acquistion of Cartiere Modesto Cardella paper mill Schumacher Packaging is extending its operating base to Italy.
Germany's paper and packaging group Schumacher Packaging has acquired a controlling stake in Italy's recycled corrugated case material manufacturer Cartiere Modesto Cardella. According to the company's announcement, the Cardella family maintains a significant shareholding and will continue to manage the company for the years to come. Financial details of the deal were not revealed.
Cartiere Modesto Cardella runs one paper mill near Lucca and employs 100 people. The mill houses two paper machines with a total capacity of 200,000 tpy of recycled corrugated case material.
"The [...] transaction and the synergies to be developed by the Schumacher Group will enable Cartiere Modesto Cardella to become an even more solid company, both from a structural and a financial standpoint, as well as to access the largest European market for paper-based packaging," the two companies announced in a press release.
In late 2021 Schumacher Packaging announced a €700m investment plan to grow its paper and corrugated capacities by 2025 and reach €1.3bn in sales.