DS Smith, Maidenhead, U.K., the leading provider of recycled corrugated packaging in Europe, this week announced the acquisition of the Greek corrugated packaging business of Cukurova Group.

This business is the clear market leader in Greece with a turnover of approximately EUR 80 million from three production facilities. It has a strong focus in the FMCG sector and excellent customer relationships.

The transaction is fully expected to deliver the stated Group medium term financial targets within three years.

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. These entities previously owned the Greek business being acquired.

"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," said Miles Roberts, CEO of DS Smith.

"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," Roberts added.