What RDM Ovaro does

RDM Ovaro is the Ovaro (Udine) operating subsidiary of RDM Group, an Italian-headquartered, publicly traded (Reno De Medici S.p.A.) producer of recycled-fibre cartonboard for packaging applications. The Group operates 8 board mills across Italy (Ovaro, Santa Giustina, Villa Santa Lucia), the Netherlands (Hoogezand, Sappemeer), Sweden (Fiskeby/Norrköping), Germany (Arnsberg), and Spain (Mollerussa - Paprinsa), plus 4 sheeting centers (Italy, Spain, USA) and 8 regional sales offices reaching converters and brand owners in 70 countries. Revenue of EUR 798 million is generated through direct B2B sales of White-Lined Chipboard (WLC) and Solid Board grades under proprietary brands including Multiboard, Multiboard Barrier, Vincicoat, Vincicoat PLUS, Vincicoat Ecolaminate, OVARO, SERVIBOARD, SYROS, TRIPLEX, and Fiskeby, serving food packaging, personal care, home appliance, luxury, publishing, and barrier packaging end-uses.

The core technology is recycled-fibre cartonboard manufacturing with a circular-economy focus: in 2025, the Group produced 1,055 kilotons of cartonboard while recycling 1,058 kilotons of paper, raised renewable electricity to 79% from 42% the prior year, and cut carbon intensity 20% versus 2020. Recent innovation is concentrated in circular food-contact packaging - Multiboard CirculaRR (recycled fibres plus ISCC PLUS certified recycled plastic, in partnership with Dow, launched interpack 2026), Vincicoat PLUS (15-20% higher strength than standard WLC, launched February 2026 from Santa Giustina), and Vincicoat Ecolaminate (recycled board with biodegradable PVOH barrier, co-developed with Ecopol and winner of the 4evergreen Innovation Award 2025). ISEGA food-contact and ISO 45001 certifications underpin regulatory positioning ahead of EU PPWR enforcement.

The business model is sales-led, B2B industrial: quote-based pricing (not publicly disclosed), direct account management with converters and brand owners, mill-direct full-roll shipments plus processed sheets from sheeting centers. The Group is owned by Apollo Global Management (acquired late 2021 from Cascades Inc.), carries a EUR 600 million Floating Rate Senior Secured Notes due 2029 (refinanced in March 2024), and as of March 2026 is in a forbearance agreement with bondholders holding >70% of the Notes while recapitalization negotiations continue - operations continue normally but the capital structure is being remade.

Name

RDM Ovaro

Legal name

Reno De Medici S.p.A.

Website

https://rdmgroup.com

Company type

Public

Founded year

1965

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

RDM Ovaro is an Italian recycled-fibre cartonboard producer (part of RDM Group/Reno De Medici S.p.A.) operating 8 European mills and 4 sheeting centers, manufacturing White-Lined Chipboard and Solid Board for B2B converters and brand owners across food, premium, and barrier packaging applications.

Ownership category

akta.pro rank

Product category

Recycled Cartonboard / Packaging Board

NAICS

Paperboard Mills (32213), Paperboard Mills (322130), Pulp, Paper, and Paperboard Mills (3221)

SIC

Paperboard Mills (2631), Papers & Allied Products (2600)

akta.pro primary industry

Coated Recycled Board (CRB) Manufacturing (IMAMAFAE)

akta.pro secondary industries

Recycled Paperboard & Containerboard (IMAMAKAG), Specialty & Technical Paperboard (Barrier/Release/Greaseproof) Manufacturing (IMAMAFAK)

Keywords

• Recycled cartonboard manufacturing
• White-lined chipboard
• Solid board packaging
• Food-grade packaging board
• Circular packaging materials

Headquarters

HQ city

Ovaro

HQ country

Italy

HQ region

Europe

Offices21 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Cartonboard Manufacturing and Sales: RDM Group manufactures and sells cartonboard products, primarily White-Lined Chipboard (WLC) and Solid Board, generated approximately €798 million in revenue. Products are sold directly to converters and brand owners through regional sales offices and the commercial network spanning 70 countries.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

RDM Group manufactures and sells recycled-based cartonboard (primarily White-Lined Chipboard and Solid Board) for packaging solutions from 8 mills and 4 sheeting centers across Europe and North America. Products are sold to converters, brand owners and packaging companies in 70 countries. The portfolio includes proprietary innovations such as Multiboard CirculaRR, Vincicoat PLUS, Vincicoat Ecolaminate and Multiboard Barrier, all designed for recyclability and EU PPWR compliance.

Product overview

RDM Group operates as one of Europe's leading packaging board producers, manufacturing cartonboard for packaging solutions using recycled fibres. The product portfolio is organized around two main business areas: White-Lined Chipboard (WLC) predominantly used for food packaging, cleaning, personal care and home appliance applications; and Solid Board in high grammages for luxury packaging, puzzles, games, displays and publishing. Key product lines include Multiboard (standard and Barrier variants), Vincicoat (standard, PLUS, and Ecolaminate), Fiskeby brand, Eska solid board brand, OVARO variants, SERVIBOARD, SYROS variants, TRIPLEX variants, SERVILINER, GD-LINER, and FLEXOLINER. The company operates 8 mills and 4 sheeting centers across Europe and North America, with recent product launches focused on advancing circularity in food packaging through solutions like Multiboard CirculaRR (recycled fibres and recycled plastic), Vincicoat PLUS (high-strength recycled board), and Vincicoat Ecolaminate (biodegradable barrier film).

Differentiator

Problem solved

Functional benefit

Brands

• Multiboard: High-quality recycled white-lined chipboard, also available as PE-coated Barrier version for food packaging applications including frozen food and dry pet food.
• Multiboard CirculaRR
• Vincicoat PLUS
• Vincicoat Ecolaminate
• Multiboard Barrier
• Serviboard
• Serviliner
• Syros
• Triplex
• Fiskeby

Products and services

• Multiboard CirculaRR Plastic-coated paper packaging innovation made exclusively with recycled cartonboard and ISCC PLUS certified recycled plastic from advanced recycling. Food-contact compliant, designed for recyclability within mixed paper recycling streams, and suitable for demanding applications such as frozen foods and dry pet food. For converters and brand owners serving EU PPWR-compliant food and pet food markets.
• Vincicoat PLUS Next-generation coated recycled cartonboard delivering 15-20% higher strength than standard WLC with minimum 85% recycled fibre content. Enables up to 20% packaging weight reduction. Engineered and produced at the Santa Giustina mill in Italy, also available as hard-sized option for frozen and humid applications. For converters serving food, pharmaceutical and high-performance packaging lines.
• Multiboard Barrier PE-coated version of RDM Group's high-quality 100% recycled white-lined chipboard. The PE layer is only 3-5% of overall structure, making it fully recyclable in paper recycling streams with 83% recycling rate. Heat sealable, suitable for frozen food, pet food boxes and hygroscopic products. Produced at the Fiskeby mill in Sweden.
• Vincicoat Ecolaminate Recycled cartonboard combined with a biodegradable PVOH barrier film, developed jointly with Ecopol. Enables recycled board to be used in sensitive food applications while remaining recyclable after use. Won innovation award at the 4evergreen Alliance Circularity Success Stories Awards. For food-contact converters and brand owners seeking recyclable barrier packaging.
• White-Lined Chipboard (WLC) RDM Group's primary core product category of White-Lined Chipboard, predominantly used for food packaging, cleaning products, personal care and home appliance packaging applications. Produced across multiple European mills.
• Solid Board RDM Group's Solid Board product category available in high grammages and thicknesses well-suited for luxury packaging, puzzles, games, displays and the publishing market. Sold under the Eska brand via mills in the Netherlands and USA sheeting centers.
• OVARO product line Product line from the RDM Ovaro mill including OVARO 404, 649, 707, 719, 726, 755, 786, and 7I9 variants in grammages 320-950 g/m² for applications including back cover, trays, boxes, shoe boxes, and dry food packaging.
• Serviboard GD2 grade cartonboard (290-450 g/m²) from the Santa Giustina mill, suitable for detergents, cosmetics, pharmacy, toys, publishing and food industry applications.
• Syros Product line including SYROS DUO BROWN, SYROS ESTUCADO, SYROS ESTUCADO GT2, SYROS MICROPRINT and SYROS UNCOATED variants. Available in grammages 190-550 g/m² for various packaging applications including food, cosmetics, pharmacy and publishing.
• Triplex Product line including TRIPLEX BLANCO (GT1, 250-450 g/m²) and TRIPLEX GRIS (300-475 g/m²) for graphic arts, food, cosmetics and pharmacy applications including chilled and frozen foods.
• Serviliner Cartonboard product for packaging of laminated microflute applications from the Santa Giustina mill.
• GD-Liner Cartonboard liner product line from R.D.M. Arnsberg GmbH for packaging of laminated microflute and post-print applications.
• Flexoliner Cartonboard liner for flexible packaging applications produced by R.D.M. Arnsberg GmbH.

Quantifiable outcome

• Carbon intensity reduced 20% to 0.397 tCO2e/ton (target was 0.421)
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered flagship, core, supporting and minor.

• DowflagshipStrategic or Co-development Partner · 27 April 2026Global materials science company collaborating with RDM Group on Multiboard CirculaRR - a breakthrough circular packaging innovation made exclusively with recycled fibers and ISCC PLUS certified recycled plastic. Dow provides circular polymers and advanced recycling technologies enabling food-contact compliant solution. The product was launched at interpack 2026.
• Fibre Packaging Europe (FPE)coreStrategic or Co-development Partner · 1 March 2026Michele Bianchi, CEO of RDM Group, appointed President of FPE which brings together seven European trade associations representing the entire fiber-based packaging value chain. FPE represents around 1,500 companies, 2,200 manufacturing sites, 365,000 employees, and generates more than EUR 120 billion in annual turnover.
• European Paper Packaging Alliance (EPPA)coreStrategic or Co-development Partner · 20 January 2026RDM Group hosted EPPA delegation at Paprinsa mill in Mollerussa, Spain for working visit focused on sustainability, circularity, and industrial excellence. Visit included representatives from Catalan Waste Agency and local government.
• Pro CartoncoreStrategic or Co-development Partner · 1 January 2026Michele Bianchi, RDM Group CEO, serves as Chair of Pro Carton, the European Association of Carton and Cartonboard Manufacturers. Association highlights how cartonboard sector demonstrates industrial transformation with reduced fossil emissions through renewable energy and circular production models.
• EcopolcoreStrategic or Co-development Partner · 1 January 2025Developed Vincicoat Ecolaminate over two years - combines recycled cartonboard with biodegradable PVOH barrier film. This first-of-its-kind solution enables recycled board to be used in sensitive food applications while remaining recyclable. Won 4evergreen Alliance Innovation Award.
• ISCC (International Sustainability and Carbon Certification)coreTechnology or IntegrationRDM Group achieved ISCC PLUS certification for its Swedish Fiskeby mill, confirming compliance with internationally recognized sustainability and traceability scheme ensuring transparent third-party verified tracking of circular feedstocks throughout the value chain.
• 4evergreen AlliancecoreStrategic or Co-development PartnerCross-industry alliance focused on improving circularity of fiber-based packaging. RDM Group uses 4evergreen's testing protocol to confirm recyclability of products like Multiboard CirculaRR in established paper recycling systems.
• PwCsupportingOthersThird-party verification of Sustainability-Linked Bond KPIs. Provided positive third-party opinion on 2025 SLB Progress Report in accordance with Sustainability-Linked Financing Framework criteria.
• Unindustria LaziominorStrategic or Co-development PartnerRegional association of industrial and service companies in Lazio. Villa Santa Lucia mill featured in Unindustria Lazio Activities Report 2025 recognizing company's role in regional development and industrial growth.
• AticelcaminorStrategic or Co-development PartnerAssociazione Tecnica Italiana Cellulosa e Carta - Italian paper industry technical association. RDM Group collaborated with Aticelca on the Paolo Culicchi Prize for excellence and innovation in paper industry.
• ISEGAsupportingOthersIndependent testing institute specializing in materials intended for food contact. Certified Multiboard CirculaRR as suitable for food packaging applications.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Smurfit Kappa: Global paper-based packaging leader with significant European folding boxboard capacity alongside its dominant corrugated business. Competes with RDM in the same converter/brand-owner channels and offers overlapping recycled-cartonboard products, but at much larger scale and with broader geographic reach. Recently merged with WestRock to form Smurfit Westrock.
• Sappi: South African-headquartered global paper and packaging group with European coated paperboard operations. Produces folding boxboard and solid bleached board (SBB) that compete with RDM's WLC and solid board, particularly in graphics, packaging, and specialty applications.
• International Paper: Global pulp and paper major with significant European folding boxboard and containerboard capacity through its IP Europe operations. Competes broadly with RDM in paperboard supply to converters, though heavier in containerboard than folding cartonboard and primarily serving different end-market segments.
• Stora Enso: Finnish-Swedish pulp and paper major with substantial European folding boxboard capacity (Ensocoat, Tambrite) and packaging solutions division. Competes with RDM in folding boxboard markets but is much larger and more vertically integrated into pulp. Broad renewable packaging focus aligned with RDM's sustainability positioning.
• Mondi: UK-listed paper and packaging group with European folding boxboard operations and integrated containerboard. Overlaps with RDM in recycled and virgin folding cartonboard, serving converters and FMCG customers. Significantly larger and more diversified across packaging formats.

Direct peers

• Heinzel Group: Austrian family-owned paper and packaging group with European folding boxboard and recycled paper operations. Competes with RDM in the recycled cartonboard segment and shares a similar focus on circular economy and Central European production footprint.
• Pankaboard: Finnish folding boxboard producer specializing in high-quality coated folding boxboard for packaging applications. Direct competitor to RDM in folding boxboard, though smaller in scale and with a virgin-fiber tilt versus RDM's recycled focus. Targets similar packaging converters and brand owners.
• Billerud: Swedish paper and packaging company producing virgin and recycled fiber-based packaging materials including folding boxboard. Direct comparable in European cartonboard markets and in the use of Nordic fiber supply. Recently merged with Viken to form Billerud Vikor.
• Mayr-Melnhof Karton: Austrian-listed folding cartonboard manufacturer and one of RDM's closest direct competitors in Europe. MM Karton produces both virgin and recycled folding boxboard across multiple mills, serving converters and brand owners in the same end markets (food, pharma, cosmetics). Closest comparable in product mix and customer base to RDM's WLC and solid board lines.

Emerging players

• Kotkamills: Finnish producer of folding boxboard and other board products, now owned by Mayr-Melnhof. Specializes in lightweight recycled folding boxboard products including barrier boards (Aegis), offering direct competitive overlap with RDM's barrier-coated products like Multiboard Barrier.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/rdmgroup
• Instagraminstagram.com/rdm_group_cartonboard

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RDM Ovaro