Dutch plastics converter and recycling specialist Cabka (Amsterdam; www.cabka.com) said it generated sales of EUR 209 mn in what proved to be an eventful 2022 financial year, which marked a 24% increase over the previous year. In the wake of the higher energy and material costs EBITDA fell 22% to EUR 22.5 mn, while net profit declined by more than half (53%) to EUR 1.6 mn. The company processed a total of 121,000 t plastics, most of which was recyclate (86%).

However, in 2022, the figures were not the primary issue. Cabka joined hands with “empty stock market shell” Dutch Star Companies Two (Amsterdam) in March 2022. The transport packaging manufacturer is thus listed on the Amsterdam stock exchange now. In the course of subsequent restructuring, the company closed its plant in Genthin, Germany, relocating production to its Weira site in the German state of Thuringia. It also sold its PVC business. Considerable production losses had to be absorbed in the US as the St. Louis, Missouri, facility was forced to shut down for a while due to flooding. In a separate transaction, Cabka acquired the outstanding minority interests (7.7%) in its subsidiary Cabka North America.

Related: Cabka sets up research centre in Spain

The company is now operating plants of its own not only in Weira but also in Ieper and Herstal, Belgium, and St. Louis. The network additionally includes contract manufacturers in Germany and Spain, an innovation centre in Valencia, Spain, and offices in Amsterdam and Berlin.

Organically, sales increased by 8% in 2022. The bulk of revenue – EUR 121 mn – was generated by the Reusable Transport Packaging business unit. The Customized Solutions segment, which primarily serves the automotive sector with a pooling system, accounted for EUR 33 mn of sales. The remainder of the revenue came from the company’s North American business with its Eco division. For 2023, Cabka is aiming for sales growth in the upper single-digit range and intends to increase its EBITDA margin (2022: 10.8%) to between 13% and 15%.