PALM signed a contract to acquire five corrugated box plants from International Paper
We have advised Palm Group (PALM), one of the leading companies in the European paper and packaging industry, on the envisaged acquisition of five corrugated box plants in France, Spain, and Portugal from International Paper (IP), a global leader in fiber-based products. The closing of this transaction is subject to the approval of the European Commission and the French antitrust authorities, which is expected by the end of the second quarter of 2025.
The addition of these five plants represents a significant strategic advancement for PALM, facilitating the further expansion of its established market position as a family-owned European leader. The three plants situated in Normandy, France, offer an ideal synergy with PALM’s existing corrugated box plants in France. Moreover, the two plants in Spain and Portugal will mark PALM’s entry into the Iberian Peninsula, creating a comprehensive network capable of supplying corrugated packaging to Western Europe.
PALM is a family-owned company with its headquarter in Aalen, Germany. The company is one of the leading European producers of containerboard, graphic paper and corrugated packaging. PALM operates five paper mills and 29 corrugated box plants. In 2024, the 4,200 employees achieved a turnover of €2bn. PALM continually strives to serve its customers with high product quality, reliable service and sustainable production processes.
International Paper (NYSE: IP; LSE: IPC) is the global leader in sustainable packaging solutions. With company headquarters in Memphis, Tennessee, USA, and EMEA (Europe, Middle East and Africa) headquarters in London, UK, the company employs more than 65,000 team members and serves customers around the world with operations in more than 30 countries. Together with its customers, IP makes the world safer and more productive, one sustainable packaging solution at a time. Net sales for 2024 were $18.6bn. In 2025, International Paper acquired DS Smith creating an industry leader focused on the attractive and growing North American and EMEA regions.
„We highly value the partnership with Clearwater. Their team’s expertise as M&A advisers was a significant asset in this transaction and instrumental in enabling PALM to take this exciting step in expanding our European footprint.“ – Dr. Marina Palm, Managing Director, PALM
„We are delighted to have once again supported our long-standing partner, PALM, on this significant transaction. The transaction strategically strengthens PALM’s European footprint and aligns perfectly with their ambitious growth objectives. We are pleased to have guided PALM through this complex process and facilitate their continued success in the European paper and packaging market.“ – Moritz Stupka, Partner, Clearwater
