Solidus acquires Spanish cores and tubes converters Mayensa S.L. and Valtub S.L.

• Deal represents Solidus’ first acquisition in the European packaging sector since the acquisition by Centerbridge Partners
• Strategic investment to further integrate Solidus‘ operations and broaden the product portfolio
• The deal was signed and completed on the same date

Oude Pekela, November 18, 2019 – Solidus, one of Europe’s largest sustainable fibre-based packaging solutions providers for consumer goods and industrial applications, today announces the acquisition of Mayensa S.L. (“Mayensa”) and Valtub S.L. (“Valtub”), two Spanish converters of cores and tubes. The financial terms of the deal will not be made public.

Following the completion of the deal, the operations of Mayensa and Valtub will operate alongside Solidus. This deal further strengthens the Solidus’ operations in the European packaging sector.

Mayensa and Valtub are located in Spain. Mayensa is situated in Berrobi (near San Sebastián) and Valtub is situated in Cox (close to Alicante). Their product portfolio includes cores and tubes for the industrial market. These cores and tubes are produced from coreboard, which after integration with Solidus, will be delivered to the two converters by Solidus mills in San Andrés (Spain) and Bad Nieuweschans (the Netherlands).

Solidus’ acquisition of Mayensa and Valtub enables the group to further optimize its service to customers, to offer a broader product portfolio and to strengthen its European growth. “The acquisition of Mayensa and Valtub is important for us as it further strengthens our position in southern Europe,” commented Richard Houben, CEO of Solidus. “In addition, this strategic investment enables us to take another important step in the further vertical integration within our group.”