Founded in 1870 in Fribourg, Switzerland, the company Cartonnage-Fabrik Freiburg AG adopted the name Cafag in 1931. The company ventured into thermoforming in the 1950s. In 2003, Cafag became a part of PQH Holding SA. Finally in 2023, Cafag merged with Walke AG, another brand of the Group.
In 1881, August Diem founded the first Swiss factory for colored papers in Herisau, which later became known as Walke in 1934. In 2003, Walke was acquired and became a part of PQH Holding SA.