Recycled paper manufacturer Saica Group has entered into agreement to acquire minority stake in Belgian corrugated cardboard company, Pacapime.

Based in Halle, Belgium, Pacapime is a leading manufacturer of cardboard and cardboard packaging, with 80% of its sales in the food sector.

The company produced 82 million m² of cardboard in 2022 and generated €61m ($65.83m) in revenue during the year.

Pacapime has strong presence in the Benelux countries, France and Germany, providing direct employment to 109 people.

In addition to heavy recycled paper usage, Pacapime relies on own solar panels for a third of its annual energy needs.

The acquisition is in line with Saica’s 2025 strategy of focusing on sustainable growth and developing its business model across Europe. 

Saica Group president Ramon Alejandro 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.”

Saica Group specialises in manufacturing recycled paper for corrugated board. It operates four business lines comprising Saica Paper, Saica Natur, Saica Pack and Saica Flex.

In July this year, Saica signed an agreement to acquire a minority stake in Taschetti’s corrugated board plants in Italy.