Grigeo, one of the leading cardboard and wood board manufacturers in the Baltic states, which owns the Ukrainian corrugated packaging manufacturer PJSC Mena Paсk (Mena, Chernihiv region), has attracted EUR30 million of investments from INVL Baltic Sea Growth Fund to develop cardboard business, according to a press release from Grigeo.
The corresponding agreement was signed on June 10 by Grigeo AB, which controls the cardboard business of the group, and BSGF Salvus, a subsidiary of INVL Baltic, and provides for phased investments of up to EUR30 million in Grigeo investicijų valdymas (a 100% subsidiary of Grigeo AB) with the acquisition of 49.99% of its shares. The transaction must be completed after the fulfillment of the contractual conditions, subject to approval by the Competition Council.
In addition to Ukraine’s Mena Pack, Grigeo Group includes enterprises in Lithuania and Latvia, namely Grigeo Klaipeda (owns 100% of Mena Pack) and Grigeo Recycling. According to the group’s plans, taking into account the growth in demand for cardboard and products from it, it intends to triple the production capacity in five years.
Mena Pack, which has been operating in the corrugated packaging market for over 30 years, produces corrugated packaging made of three-layer corrugated cardboard for tobacco, food and construction industries.