Recycled packaging specialist DS Smith has completed the acquisition of Grupo Lantero’s corrugated business in a previously announced deal worth €190m.

The company has reached an agreement to this effect in June.

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Grupo Lantero operates seven sites across Spain where it produces corrugated products for the FMCG sector. It has more than 2,700 employees in more than 16 countries.

"It is a further important step in our strategy to leverage our scale and strengthen our geographic footprint."

With this acquisition, DS Smith will bolster its operations by increasing its market share by 10% in Spain, which is believed to be an emerging market for corrugated packaging.

DS Smith CEO Miles Roberts said: "It is a high-quality business that we have known and partnered with for a number of years and significantly increases our offering to Pan-European customers in this large and growing market.

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"It is a further important step in our strategy to leverage our scale and strengthen our geographic footprint and we look forward to working with Grupo Lantero stakeholders and contributing to the overall growth of DS Smith."

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Grupo Lantero will focus on its multinational rigid and flexible plastic divisions, including Coexpan and Emsur.

Grupo Lantero CEO Enric Holzbacher said: "We are convinced that DS Smith has a strong alignment within the FMCG sector and will further develop our well established customer relationships."

Said to be Europe’s second largest manufacturer of corrugated products, DS Smith employs more than 25,400 people in more than 34 countries.