DS Smith acquires Cukurova Group’s corrugated packaging business in Greece
Recycled corrugated packaging company DS Smith has signed an agreement with Cukurova Group to acquire its corrugated packaging business in Greece and divest its minority stake in Cukurova Group’s Turkish corrugated paper and packaging entities to the Cukurova Group.
The acquisition is part of DS Smith’s strategy to expand its presence in the growing region of South Eastern Europe.
Cukurova’s Greek corrugated packaging unit produces packaging products for the FMCG sector in three production facilities.
The company has reported close to 80 million euro in annual sales for their packaging business in Greece. Cukurova is based in Turkey and has operations in industry, construction, communication and information technology, media, financial services, energy, transportation, and service sectors.
”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”, announced DS Smith CEO Miles Roberts.
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