Responding to market changes
In 2023, VPK Group successfully adapted to a dynamic market environment. As consumer spending adjusted and demand for corrugated packaging decreased after the strong Covid years, we strategically managed our investments. Volumes reduced by 4%, in line with broader market trends. Combined with lower energy prices, this resulted in lower paper prices, while inflationary costs increased. Thanks to our strategic investments, VPK Group maintained its strong position and demonstrated resilience in a changing landscape.
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.