Paccor acquires Belgian packaging firm Miko to enter Asian market

Packaging firm Paccor, formerly known as Coveris Rigid, has signed a purchase agreement for the acquisition of Miko Pac, the packaging division of Miko N.V., Belgium. The acquisition is said to strengthen Paccor's position in injection moulding by complementing the product portfolio and expanding the company's competencies. Miko Pac’s plant in Indonesia extends Paccor’s international reach and the fast growing Asian market can now also be served.

Miko Pac develops and produces solutions for ready meals, ice cream, margarine, and many other products. Miko Pac achieved a turnover of more than EUR100 million in 2020 and employs approximately 500 people at its production sites in Belgium, Poland, and Indonesia and at its sales offices in France and Germany. Founded more than 45 years ago, Miko Pac is a specialist in thermoforming, injection moulding and in-mould labelling.

Miko Pac will be integrated into Paccor and its operational management will remain in the hands of its former co-owners and Managing Directors, Kristof Michielsen and Karl Hermans. The parties have agreed not to disclose the purchase price.

The acquisition is expected to be completed in the second quarter of 2021, after approval by the relevant competition authorities.

Andreas Schütte, CEO of Paccor: “Following the purchase of the EDV Packaging Solutions, S.A., in 2019, our acquisition of Miko Pac is the logical next step in implementing our long-term business strategy and an excellent fit for our defined M&A strategy. Miko Pac’s innovative capabilities will further add to strengthen our ability to meet the needs of our customers. This acquisition aligns Paccor even more strongly for growth within this highly promising area of business.”

Frans Van Tilborg, CEO of Miko: “After years of successful growth, we now see in Paccor the perfect partner and owner to take the business forward and further globalsze its market position. Both companies have a strong innovation culture. We are committed to serving the best interests of our customers, are using the latest methods and processes and have continually invested in the best R&D infrastructure.”

With more than 3,000 dedicated employees in 15 countries, Paccor is a global player in the packaging industry. New York-based investment firm Lindsay Goldberg acquired Coveris Rigid in August 2018 and renamed it Paccor.

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