Stora Enso has acquired the Netherlands-based company De Jong Packaging Group, a corrugated packaging producer in the Benelux countries.
The acquisition, with an enterprise value of approximately €1,020 million, was closed on Friday following regulatory clearances and employee consultation.
Stora Enso says the purchase will strengthen its presence in European packaging markets and its entry into the corrugated packaging market in the Netherlands, Belgium, Germany and the UK.
With the acquisition, Stora Enso’s Packaging Solutions division will “increase its corrugated packaging capacity by approximately 1,200 million m2 to more than 2,000 million m2, including De Jong Packaging Group’s ongoing expansion projects”.
Commenting on the acquisition, Annica Bresky, president and CEO at Stora Enso, said: “I am pleased to officially welcome De Jong Packaging Group as part of Stora Enso. This acquisition advances Stora Enso’s strategic direction by accelerating revenue growth and building market share in renewable packaging in Europe.”
De Jong Packaging Group’s full-year 2022 sales are estimated at approximately €1 billion.
By Gwen Jones
Source: foodbev.com
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