SAICA Group has announced it has reached an agreement to acquire a minority share of Belgian corrugated cardboard company Pacapime.
Pacapime generated revenues of 61 million euros in 2022 and has 109 direct employees. The business is described as having a strong presence in the Benelux countries, France and Germany, with 80% of its sales coming in the food sector.
Saica added that Pacapime shares its focus on sustainability, with a heavy use of recycled paper, solar panels covering a third of its annual energy needs, and ‘numerous’ water and energy efficiency measures in place.
Ramon Alejandro, president of Saica Group, said, “This partnership makes great sense for Saica, increasing our exposure to northern European countries in the growing corrugated cardboard packaging market in which we are already leaders.
“Pacapime also shares our laser-eyed focus on sustainability and innovation, and we are confident that together, we will be able to bring our customers even better solutions and service as they seek to reduce the carbon footprint of their packaging.”
Paul Pissens, owner at Pacapime, added, “Like Pacapime, Saica is a company rich in heritage and led by strong values, and we are delighted to welcome them as an investor and partner. Together, our additional scale and expertise will bring significant benefits for both parties and we are excited about the potential of this new international partnership.”
