Paper-based packaging firm Smurfit Kappa has acquired Russian corrugated packaging company Soyuz in order to strengthen its operations in Russia.
Based in Moscow, Soyuz focuses on manufacturing corrugated packaging for multiple industry sectors for customers across Europe.
It employs nearly 300 people and owns three facilities situated in Saint Petersburg, Russia.
Smurfit Kappa North East Europe CEO Pim Wareman said: “I am delighted with the acquisition of Soyuz and welcome its employees into the Smurfit Kappa Group.
“Russia is an attractive growth market for us with exciting potential. We are pleased to expand our footprint in this market and in particular within the growing Moscow region.”
The acquisition is expected to expand Smurfit Kappa’s operations in Europe and enable it to cater its products to Soyuz’s multinational and local customers, making it one of the leading corrugated packaging suppliers in Russia.
Smurfit Kappa Europe CEO Saverio Mayer said: “This acquisition supports our continued drive to increase our customer offering, and our unique packaging business applications will help further develop the Soyuz operations.
“Our wide range of corrugated products, along with our innovative and rapidly growing Bag-in-Box business, opens up many opportunities for both Smurfit Kappa and our customers in Russia.”
With approximately 45,000 employees, Smurfit Kappa offers paper-based packaging solutions worldwide.
It has 370 production sites located in 34 countries, with 21 in Europe and 13 in the Americas.
Last year, the company reported €8.2bn revenue.
Image: Corrugated packaging boxes. Photo: courtesy of Smurfit Kappa Group