The deal was confirmed today (25 August).

Pacapime recorded revenue of €61m (£52.3m) in 2022 and employs 109 people. With its origins going back to 1919 and now based in Halle, Belgium, the business has a strong presence in the Benelux countries, France, and Germany, with 80% of its sales in the food sector.

Saica said the company also shares its own focus on sustainability, with a heavy use of recycled paper, its own solar panels that cover a third of its annual energy needs, and numerous water and energy efficiency measures in place.

“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,” said Ramon Alejandro, president of Saica Group.

“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.”

One of Saica’s 2025 strategic priorities is focused on sustainable growth, developing its business model across Europe.

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.”

With a turnover of close to €4.4bn, Saica Group has an annual production capacity of 3.3 million tonnes of recycled paper for corrugated board.

Employing more than 10,000 people, it has a presence in the UK, Spain, France, Italy, Portugal, Ireland, Turkey, Luxembourg, the Netherlands, the US, and Poland.