Photo: DasaMilas Ambalaj
U.K.-based DS Smith Plc, a European provider of recycled corrugated packaging, has announced it has reached an agreement to acquire the Milas packaging business of DasaMilas Ambalaj in Turkey. DasaMilas Ambalaj are two integrated paper packaging firms located in Istanbul.
Milas is a producer of specialized corrugated packaging and displays in Turkey. The business is focused on international fast-moving consumer good (FMCG) customers and is positioned for the Istanbul market as well as for European export, DS Smith says. The business generates approximately $25 million in sales and has around 240 employees at its production facility located near Istanbul.
DS Smith says it expects completion of the deal by the end of its 2015-2016 fiscal year.
“We are pleased to welcome the Milas business into the DS Smith group and look forward to working with its stakeholders,” says Miles Roberts, CEO of DS Smith. “The acquisition gives DS Smith direct exposure to the attractive Turkish market through a well-invested business focused on FMCG customers and is a further step in complementing our South Eastern European footprint and capabilities for pan-European customers.”