Van Genechten Packaging acquires the remaining 50% stake in JSC VG Kvadra Pak AS. The Latvian company will be fully integrated into the Van Genechten Packaging Group in order to strengthen Kvadra Pak’s competitiveness.
Folding carton packaging producer Van Genechten announced it has acquired the remaining 50% interest in the Riga-based JSC VG Kvadra Pak. Van Genechten, who had already acquired 50% of shares in the company back in 2010, now owns 100% of Kvadra Pak shares.
According to Van Genechten, Kvadra Pak is one of the leading folding carton packaging producers in the Baltic countries, specialized in carton packaging for the food and non-food industry. The company employs 125 people and converts 5,000 t of cardboard per year. In 2012, Kvadra Pak’s turnover is forecasted at €11m.
The full integration into the Van Genechten Packaging Group will further strengthen Kvadra Pak's competitiveness and give the company access to international customers, Van Genechten said. Additional investments have already been approved to enhance this.
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