Packaging firm DS Smith has acquired Cukurova Group’s corrugated packaging business in Greece.
DS Smith expects the deal to strengthen and complement its recently expanded portfolio in southeastern Europe.
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DS Smith CEO Miles Roberts said: "We are delighted to announce the acquisition of the Greek corrugated packaging activities of the Cukurova Group.
"It is a high quality and stable business that we have known and partnered with for a number of years.
"It is a further important step in our strategy to expand our geographic footprint and to support our customers.
"We look forward to working with our new colleagues and delivering sustainable and profitable growth in the region."
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By GlobalDataTurkey-based Cukurova operates three production facilities under its Greek business unit.
The unit, which delivers products for the FMCG sector, generates nearly €80m in annual sales volume.
Under the deal, DS Smith will also divest its minority stake in Cukurova Group’s Turkish corrugated paper and packaging entities to the firm.
DS Smith also acquired the corrugated business of Spanish firm Grupo Lantero in June for €190m.
Image: Cukurova’s Greek production facilities supports the FMCG sector. Photo: courtesy of nuttakit / FreeDigitalPhotos.net.
