(Alliance News) - Grifal Spa announced that it has reached an agreement with José Neves Group for the production in Portugal of cArtù brand corrugated board through the joint venture Seven cArtù Lda.

Operational, commercial and administrative support will be provided by José Neves Group while Grifal, through its subsidiary Tieng Srl, will provide the corrugating lines and know-how for the production of cArtù. Grifal will also obtain royalties on sales made by the newco.

The cArtù production site will be operational during 2023 in Ponte Guimares in close proximity to the José Neves Group's production site, so as to share its expertise and capabilities in converting paper-based corrugated materials.

"We could have continued to grow organically based on our solid reputation and large customer base in the Portuguese and international markets, said José Neves, president and founder of the Portuguese group. Instead, we chose to introduce cArtù's virtuous innovation to our market because we believe it is a winner, 100 percent in line with the growing demand for greener products to replace expanded plastics."

For Fabio Gritti, president and CEO of Grifal Group, "the understanding between two distant but similar realities in terms of history, reputation and expertise, located in the heart of Europe and believing in the value of sustainable innovation is the basis of this partnership that will last for a long time generating important shared successes. This will be cArtù's third production site, following those already established in Italy and Romania, and a new step in the development of the European network."

Grifal trades in the green by 21 percent at EUR2.68 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.