Korozo announced the successful completion of its acquisition of a majority stake in Vitra NV and Creavit NV (Rask).
Vitra/Creavit was founded in 1935 in Antwerp, Belgium, by the Laeremans family and is specialized primarily in film conversion for packaging applications in thin film packaging, labels on rolls and small sized bags. Vitra has been producing high quality packaging materials for a number of end use markets including bakery, confectionery, snacks, protein and beverages in its modern manufacturing facility in Antwerp equipped with both flexographic and rotogravure technologies. Creavit (Rask) is the high qualified in-house design and pre-press department of Vitra.
Since it was founded in 1973, Korozo has become one of Turkey’s leading industrial companies, manufacturing and selling flexible packaging and film products to more than 90 countries worldwide. The acquisition will take Korozo one step closer to becoming one of the top 10 packaging manufacturers in Europe.
Korozo Group Chief Executive Officer Filip Lens described the acquisition as “a significant milestone to become a global leader in the packaging industry.”
“We believe that the combined expertise, experience and diversity of our colleagues from different cultures and nations will make Korozo stronger and more agile. With footprint in Belgium, Korozo will be closer to its clients in Europe and enable to accelerate supply, offer faster after sales services, and if needed, develop contingency plans to deal with emergencies. I am confident that the acquisition will be beneficial both for Korozo and for our business partners, who we consider to be part of the Korozo family.” said Lens.