Saica Group, a manufacturer of recycled paper for corrugated board, has reached an agreement with the family owners of LIC Packaging, display and packaging solutions provider, to increase its participation, becoming the major shareholder of the company.

Located in the province of Brescia, in Lombardy, northern Italy, LIC Packaging’s plant had a 2023 revenue of 120 million euros and provides employment to 351 people.

Saica already acquired a minority stake in the company in 2001, which allowed LIC Packaging to expand its facilities and to approach the international market. Now they will become the company’s majority shareholder, with the Bertoldo family still managing the business.

As Saica looks to develop its business model across Europe, aiming to achieve its 2025 strategic priority of focused sustainable growth, this move takes the company one step closer. Ramón Alejandro, president of Saica Group, added, ‘This operation is a step forward as it allows us to expand our footprint within the Southern European markets for corrugated board, in this case, by acquiring a majority share of the plant in Italy. It is a great opportunity to increase Saica’s value proposition of sustainable packaging solutions for our customers.’

Piero Bertoldo, president of LIC Packaging and representative of the Bertoldo family, stated, ’The time has come to continue growing as an international group and we have found the ideal partner in Saica. We are sure that the partnership will maintain our success and will allow us to face future challenges with greater determination and efficiency.’