CorrBoard will be installing a new £1.7m automated palletisation system at its 320,000 sq. ft North Lincolnshire plant
CorrBoard buoyed by VPK investment boost. (Credit: Thanks for your Like • donations welcome from Pixabay)
Corrugated sheet manufacturer CorrBoard UK Ltd has received new investment from two of its major shareholders.
VPK Packaging Group NV (VPK) has increased its shares to become a 50% shareholder, through capital increase 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 euros, the group employs over 6,100 employees at more than 65 production sites in 19 countries.
Pierre Macharis, CEO of VPK Packaging Group, said: “CorrBoard’s modern factory is impressive and with VPK’s increased 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.”
CorrBoard will shortly be installing a new £1.7m automated palletisation system at its 320,000 sq. ft North Lincolnshire plant as well as significant IT control system upgrades. The new shareholder structure aims to bring added financial security to the company as well as an increased investment strategy going forward.
CorrBoard is also benefiting from an increase in shares from Scotland-based McLaren Packaging. Donald McLaren, Managing Director of McLaren Packaging said: “CorrBoard’s operational success will be further enhanced with VPK’s increased involvement. By working closely with VPK, the UK CorrBoard partners are excited about the ambitious plans for the future.”
Also adjacent to the CorrBoard’s site is CorrBoard Bioenergy Ltd, a joint venture between two of the consortium members, Swanline and McLaren, which provides energy to CorrBoard, thereby facilitating carbon neutral manufacture of corrugated material.
Paul Barber, Managing Director of Corrboard UK Limited said: “With our increased investment, independence, dedicated strategy and strong ownership base, CorrBoard will have further opportunity to continue assisting our customer’s 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 markets”
The CorrBoard consortium consists of: VPK, Dairi-Pak, Fencor Packaging Group, GWP Group, McLaren Packaging and Swanline Print.
Source: Company Press Release