Corex consolidates its Iberian core network with the acquisition of Manipulados Suza

Strategic expansion in Northern Spain

Consolidation in the European paper and board converting sector continues with a new strategic move. Corex Converting Spain, the Iberian subsidiary of the core and tube division of Belgium's VPK Group, has completed the acquisition of Manipulados Suza. This transaction allows the multinational to strengthen its manufacturing capacity in the north of the Iberian Peninsula and expand its customer base in high-demand industrial segments.

Located in Alegia, Gipuzkoa, Manipulados Suza has been operating in the market since 1984. The facility specializes in the manufacture of spiral cardboard cores and tubes, which are critical components for winding processes across multiple industries. Its production directly supplies manufacturers and converters of paper, labels, adhesive tapes, plastics, and stretch films, in addition to producing protective and storage elements for special formats.

Fitting into VPK's Iberian network

The integration of the Basque firm responds to a logic of proximity and specialization within Corex's growth strategy. VPK's division already made a significant leap in the Iberian market in 2023 with the acquisition of Arteche Paper, which added facilities in Tolosa, Valencia, Barcelona, and Porto, along with a coreboard mill in Portugal. The addition of Manipulados Suza densifies this network, optimizing logistics and service to converters in Northern Spain and Southern France.

The acquisition process was legally advised by Andersen, led by Sharon Izaguirre and Alberto Castilla. From a legal standpoint, the transaction required structuring designed to protect the value of the acquired business without compromising its future operational integration into the Corex network, anticipating contingencies and defining a balanced allocation of risks inherent in industrial transactions.

With this move, Corex consolidates a European infrastructure that now totals 29 processing centers distributed across 15 countries, backed by four paper mills. For VPK Group, which has a global workforce of approximately 6,400 employees, the operation underscores its commitment to controlling the supply chain in the core segment, a technical niche indispensable for the operational continuity of the packaging and printing industry.