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LONDON (Alliance News) - Irish corrugated packaging company Smurfit Kappa Group PLC on Monday said it paid EUR186.0 million to acquire two packaging businesses in Brazil, strengthening its position in the Latin American market.
Smurfit bought Industria de Embalagens Santana and Paema Embalagens, two privately-owned integrated packaging businesses. The pair have three recycling containerboard mills and four corrugated packaging facilities between them and service the north and south of the country.
Smurfit said the acquisitions will boost its position in the Latin American market and boost its overall offering to multinational clients operating in the Americas.
"We are pleased to announce the acquisition of INPA and Paema, which will extend our reach into a strategically important market and build on our geographic diversity and strength," said Tony Smurfit, Smurfit Kappa's chief executive.
"We are confident that their expertise and the high quality of their asset base will provide us with a strong entry point into the Brazilian market and, as the leading pan-regional operator in Latin America, further strengthen our service offering to our existing international customers," he added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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