DS Smith to Acquire Milas Packaging in Turkey
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DS Smith Plc, U.K., a provider of recycled corrugated packaging in Europe, this week announced that it has reached an agreement to acquire the Milas packaging business of Dasa Milas Ambalaj, Turkey. Milas is a producer of specialist corrugated packaging and displays in Turkey.
Milas is focused on international FMCG customers, and is well positioned for the large Istanbul market as well as European exports. The business generates approximately $25 million in sales and has some 240 employees at its production facility located near Istanbul.
Completion, which is subject to customary conditions including competition clearance, is expected by the end of our financial year 2015/16.
"We are pleased to welcome the Milas business into the DS Smith Group and look forward to working with its stakeholders. This 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."
