In a move to expand its footprint in the Southern European corrugated board market, Saica Group, a leading manufacturer of recycled paper for corrugated board, has acquired a majority stake in LIC Packaging, an Italian packaging and display solutions provider.

LIC Packaging, headquartered in Lombardy, boasts a strong presence in the region with 2023 revenues of €120m ($129.92m) and a workforce of 351 employees.

It is a family-owned company specialising in packaging solutions for various applications, including transport, display, and direct food contact.

The Bertoldo family, who founded the company in 1952, will continue to manage its business operations post-acquisition.

This acquisition builds upon a longstanding partnership. Saica initially acquired a minority stake in LIC Packaging in 2001, which enabled the Italian company to invest in facility expansion and international market access.

“This operation is a step forward as it allows us to expand our footprint within the Southern European markets for corrugated board, in this case, by acquiring a majority share of the plant in Italy,” said Ramón Alejandro, president of Saica Group, in a statement.

“It is a great opportunity to increase Saica´s value proposition of sustainable packaging solutions for our customers.”

Saica said the acquisition aligns perfectly with its 2025 strategic plan, which prioritises focused and sustainable growth in Europe.

“The time has come to continue growing as an international group and we have found the ideal partner in Saica,” said Piero Bertoldo, president of LIC Packaging and representative of the Bertoldo family.

“We are sure that the partnership will maintain our success and will allow us to face future challenges with greater determination and efficiency.”

Saica Group boasts an annual production capacity of 3.3 million tonnes. With a workforce exceeding 10,000 employees, it operates across many countries in Europe and in the US.