- The move has earned the Norwegian packaging manufacturer additional production facilities in Morocco and Saudi Arabia, expanding its extensive global network, which already encompasses customers across 70 countries.
It has also boosted its annual production capacity by more than 2.5 billion cartons, supporting the company’s ambition to meet the growing demand for sustainable packaging solutions.
The acquisition further provides Elopak with access to a strategic customer base in the fresh beverage carton segment in key growth markets, many of whom are global blue-chip FMCG players and strong regional champions.
The company has officially integrated Naturepak into its group and welcomed team members in Casablanca, Morocco, and Dammam, Saudi Arabia to the family.
Elopak CEO Thomas Körmendi said, “We look forward to working closely together and are excited by the opportunities that exist for us to deliver sustainable packaging solutions as part of a bigger and better team with a strengthened position in the MENA region.”
Elopak snapped Naturepak Beverage from Naturepak Limited, a wholly-owned subsidiary of Gulf Industrial Group, and Evergreen Packaging International LLC (Evergreen Packaging), a wholly-owned subsidiary of Pactiv Evergreen Inc.
“I am pleased to see Elopak investing in Morocco through this acquisition. I hope to see more Norwegian companies come to do business in Morocco and to invest.”
“There are many possibilities in Morocco, and also for Norwegian companies that want to look at possibilities for access to new markets in Africa and the Middle East,” said Norway’s Ambassador to Morocco Sjur Larsen.
The acquisition marks a key milestone in Elopak’s growth strategy, enhancing its position in the MENA region and showing great potential.
Having listed on the Oslo stock exchange in 2021, the company is seeking to capitalize on its strong track record, growing geographical footprint, and investment in sustainability-focused innovations to target organic growth of 2-3% per annum.
It is pursuing new business opportunities across both traditional and non-traditional segments, as well as driving the plastic to carton conversion.
Recently, Elopak formed a joint venture with Indian peer GLS to expand its presence in India’s sustainable packaging market.
The newly formed company, GLS Elopak will focus on the manufacture of high-quality fresh and aseptic packaging solutions.
In addition, the company has strengthened its position in Oceania with a new licensing partnership with Nippon Paper.
Under the license agreement, Nippon Paper will produce and sell Elopak’s line-up of Pure-Pak packaging for liquid food and beverage products worldwide and introduce them to the Oceania region.