Smurfit Kappa to Acquire Corrugated Packaging Plant in Saquarema, Brazil
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Smurfit Kappa has signed an agreement to acquire PaperBox, a corrugated cardboard packaging plant located in Saquarema, 70 kms east of Rio de Janeiro, Brazil. This acquisition represents a further expansion of Smurfit Kappa's operational footprint in Brazil as it currently operates in three other states: Minas Gerais, Rio Grande do Sul and Ceará.
Terms of the deal were not disclosed.
According to Smurfit Kappa, Brazil is the largest corrugated cardboard market in Latin America, with 7.4 bn sq m produced annually. The Southeast region, where PaperBox is located, equates to 46% of this volume.
"We are very proud to expand our footprint in Brazil to meet the growing demand for innovative and sustainable packaging," said Laurent Sellier, CEO of Smurfit Kappa in the Americas. "This acquisition will broaden and strengthen our presence in the country, improve our production capabilities and enable us to continue to create new opportunities and form new partnerships with customers."
The transaction, which is subject to the approval of regulatory bodies, is expected to close at the end of October.
