The corrugated board producer CorrBoard UK has received new investments from two of its main stakeholders.
The VPK Group, which is a international producer and supplier of packaging, has increased its shareholding to become a 50% shareholder, through a subscription for new shares and the acquisition of the stake of former shareholder Garthwest.
VPK produces recycled paper and paper-based packaging, with markets in food and beverages, consumer goods and e-commerce, tubes and cores. With an annual turnover of 1.6 billion euro, the group employs over 6,100 employees at more than 65 production sites in 19 countries. Ā«Corrboardās modern factory is impressive and with this new investment, strong management, know-how and skills, Corrboard will continue to operate as an independent unit with a dedicated strategy. This will help deliver high service levels and a competitive product offering to the market,Ā» said Pierre Macharis, CEO of VPK Packaging Group.
CorrBoard will shortly be installing a new Ā£1.7m automated palletisation system at its 320,000 sqm. North Lincolnshire plant, as well as significant IT control system upgrades.Ā The new shareholder structure aims to bring added financial security to the company as well as an ambitious investment strategy going forward.
CorrBoard has, furthermore, benefited by an increase in the shares owned by McLaren Packaging, with headquarters in Scotland. Ā«CorrBoardās operational success will be further enhanced with VPKās increased involvement,Ā» states Donald McLaren, Managing Director of McLaren Packaging. By working closely with VPK, CorrBoardās UK partners are excited about the bold plans for the futureĀ». Also adjacent to the Corrboardās site is Corrboard Bionergy Ltd, a joint venture between two of the consortium members, Swanline and McLaren, which provides energy to Corrboard, thereby facilitating the manufacture of carbon neutral corrugated material.
Ā«With our increased investment, independence, dedicated strategy and strong ownership base,Ā» said Paul Barber, Managing Director of Corrboard UK Limited, Ā«CorrBoard will have further opportunity to continue assisting our customerās growth plans, whilst also offering the best service and quality to ensure we meet their changing needs. With the recent investments in both machinery and the bioenergy plant from our shareholders, CorrBoard now offers a full package of carbon neutral production of corrugated sheet to meet the demands of our changing marketsĀ». The CorrBoard consortium consists of: VPK Group, Dairi-Pak, Fencor Packaging Group, GWP Group, McLaren Packaging and Swanline Print.