Norgraft’s strong manufacturing capability and expertise in specialised finishing technologies will contribute to growing GPI’s European customer base, offering additional capacity and allowing the company to offer a wider product range to its existing customers.
GPI CEO, Michael Doss, said: “The announced transaction is consistent with our strategy to pursue acquisitions that allow us to grow our folding carton volume in attractive geographies and end-markets, improve our cost position, service our customers with excellence, and increase our mill to converting plant integration levels over time.”
While ensuring continuity of Norgraft’s supply chain and service model, GPI will combine its integrated supply chain and global innovation capabilities to complement an already successful business.
Norgraft converts approximately 25,000 tons of paperboard annually and operates two converting plants located in Maliaño and Requejada in Cantabria, Spain. The business generated revenue of approximately $40 million on an LTM basis.
Senior Vice President & President EMEA at GPI, Hilde Van Moeseke, added: “Norgraft Packaging has a talented team, very strong customer relationships and equipment assets that are all valuable additions to the GPI network.”
“We will not lose sight of the core elements which have made Norgraft successful and will continue investing in strong customer-facing capacity and capabilities across our converting system to support our growing customer base.”