Challenging market conditions
In 2023, reduced consumer spending led to a decline in demand for corrugated packaging, resulting in overcapacity in the paper market. Volumes fell by 4%, in line with market dynamics after the strong Covid years. This, together with lower energy prices, caused paper prices to drop, while inflationary costs rose. Despite these challenges, VPK Group continued to perform strongly through well-considered investments.
Strategic acquisitions
VPK Group strengthened its position with several strategic acquisitions in 2023. In the corrugated packaging segment, we entered the Italian market for the first time with a majority stake in
Zetacarton, a producer of niche products such as fanfold and big-box packaging. Additionally, VPK acquired a stake in
Ribble,the UK market leader in fanfold products. These initiatives further expand our geographical coverage of the fit2size® product range. Our tubes and cores division, Corex, expanded its network with the acquisition of
Arteche Paper in Portugal and Spain, further strengthening our capacity and market position. In January 2024, we announced a joint venture with
IEMME srl, an Italian corrugated board company, further strengthening our presence in Italy.