DS Smith acquires Greek corrugated packaging business

DS Smith Plc, a London-based provider of recycled corrugated packaging in Europe, has acquired the Greek corrugated packaging business of Cukurova Group, a division of Cukurova Holding, headquartered in Turkey.

DS Smith says the business is a market leader in Greece with revenues of approximately €80 million ($91.5 million) from three production facilities, and a strong focus in the FMCG (fast-moving consumer goods) sector. The transaction is expected to deliver the group’s medium-term financial targets within three years, according to a press release issued by DS Smith.

Simultaneously, DS Smith has entered into an agreement, subject to regulatory approvals, to sell its minority shareholding in Cukurova Group’s Turkish corrugated paper and packaging entities to the Cukurova Group.

Miles Roberts, Chief Executive of DS Smith says, “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 further strengthens and is very complementary to our recently enlarged presence in the growing region of South Eastern Europe.

“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.”