Smurfit Kappa: acquisition of the largest integrated packaging business in Serbia

Smurfit Kappa: acquisition of the largest integrated packaging business in Serbia

Smurfit Kappa Group, one of the world’s largest manufacturers of paper-based packaging products, has agreed to acquire Fabrika Hartije d.o.o. Beograd (‘FHB’) paper mill and Avala Ada d.o.o. Beograd (‘Avala Ada’) corrugated plant, in Belgrade, for a consideration of €133 million from Kappa Star Group.

The acquisition will expand SKG’s geographic footprint and provide for full containerboard integration in the Group’s packaging operations in Southeast Europe. FHB and Avala Ada are well invested businesses, with a leading market position in Serbia and solid positions in adjacent countries.

The containerboard mill holds one recently upgraded recycled containerboard machine with a current capacity of 120,000 tonnes and significant potential to drive synergies and further increase capacity with a limited investment of capital. The corrugated plant has a current production of approximately 110 million square metres and produces both corrugated and laminated packaging. Its customer base is predominantly composed of local and national customers, providing a strong platform for organic growth with SKG’s Pan European and Multi National customers in the region.

Smurfit Kappa Group CEO, Tony Smurfit, commented: “We are pleased to announce our agreement to acquire FHB and Avala Ada, which will be a cornerstone to the expansion of our business in Southeast Europe. We look forward to welcoming their experienced teams into the Smurfit Kappa Group, and we are confident their expertise and the high quality of the companies’ asset bases will provide us with an excellent platform to grow in the region and further strengthen our European offering for our new and existing customers.

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