Van Genechten Packaging International (VGPI) will acquire a packaging plant from Stora Enso (SE), which is located in Komarom, Hungary.
The site realizes sales of €14 million (US$15.66 million) with less than 100 people and produces microflute packaging.
“The acquisition widens our geographical footprint in Central Europe, with an excellent location just at the north of Budapest,” says Frederic de Somer, MD of VGPI.
“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,” says Lorenzo Delorenzi, CEO of VGPI.
The acquisition is expected to be completed within one month.