Belgium-based packaging company Van Genechten Group has acquired folding carton producer in Russia, Ost-Print.
According to Van Genechten, the acquisition, which is approved by the Russian Anti-Monopoly body (FAS), takes effect immediately.
The latest take over, following the acquisition of VG Contours ZAO ten years ago, is set to expand Van Genechten's presence in the country.
Van Genechten Group managing director Frederic de Somer said the company invests in high-growth markets, following its international customers' expansions and create a broader offer for its regional customers too.
"By bringing our innovation, quality, operational excellence and supply chain expertise to the Russian market, we are reinforcing our commitment there," Somer added.
"We are glad to have Ost-Print's experienced personnel on board to develop our activities further in this growing market."
Following the acquisition, Ost-Print will completely benefit from VGP's international know-how, commercial network, operational excellence as well as solid financial resources.
The company will also focus on quality, service and efficiency and continue to invest in production equipment and logistics.
Serving both international and regional FMCG customers, Ost-Print provides added-value carton packaging for the Russian market and has a turnover of more than €8m.
The company operates in food and non-food folding carton segments with around 85 employs.
Both the firms will have combined sales of about €20m, according to Van Genechten.