Recycled corrugated packaging specialist DS Smith is planning to acquire Duropack from CP Group 2 BV, a subsidiary of One Equity Partners (OEP), for €300m.

Duropack CEO Rob Jan Renders said: "Together with OEP, we have taken Duropack forward as a reliable, flexible and creative partner for our customers. This was a successful and constructive time for the company, as well as the management team.

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"We now look forward to continuing our positive development with DS Smith to further create value for our customers and business partners."

"We now look forward to continuing our positive development with DS Smith to further create value for our customers and business partners."

Duropack, which employs close to 2,600 people, generated around €273m in sales and €41m in EBITDA during 2014.

According to reports, it uses high-quality assets and operates a short-paper, long-fibre model similar to that of DS Smith.

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DS Smith CEO Miles Roberts said: "Duropack has high-quality assets with market-leading positions. We look forward to it contributing to the overall growth of DS Smith in attractive markets where we were previously under-represented.

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"Since our half-year, we have continued to make good progress with our customers, benefiting from our differentiated commercial offering and the ongoing rollout of our design centres."

The acquisition, which is subject to competition clearance, will help DS Smith bolster its pan-European capabilities.

Headquartered in Vienna, Austria, Duropack has 14 corrugated packaging sites, two paper mills and 18 recycling sites across nine countries, including Austria, Hungary, Bosnia, Bulgaria, Macedonia, Serbia, Slovakia, Croatia and Slovenia.

The company manufactures paper and corrugated board across Europe.