Irish corrugated packaging company Smurfit Kappa has acquired Cartonbox, a folding and micro-corrugated cardboard packaging producer based in Mexico.
Cartonbox’s production plant in Monterrey has the capacity to produce more than 30 million packages a month. The company also operates commercial offices in Monterrey, as well as Houston, Texas.
The addition highlights Smurfit Kappa’s commitment to using paper-based packaging as its core strategic business in Mexico and is intended to strengthen the company’s participation in the country’s paper packaging solutions business.
The financial terms of the transaction have not been disclosed.
Smurfit Kappa Mexico CEO Jorge Alberto Angel said: “This acquisition gives us the opportunity to directly supply our customers in the northern region of [Mexico].
“I am certain that using our best-in-class operating systems, procurement arrangements, global mindset, and our design and innovation focus, we are well-positioned to partner with new and current customers in the fast-moving consumer goods (FMCG), food and beverage, bakery and office supplies sectors.”
Smurfit Kappa currently operates three sites in the Metropolitan Area of Mexico City and in Tijuana.
The Cartonbox acquisition has added another Mexican facility to the company’s portfolio.
Smurfit Kappa has taken on 240 employees from Cartonbox due to the acquisition.
Smurfit Kappa Americas CEO Juan Castaneda said: “Our top priority is to generate value for our stakeholders, and Mexico has shown to be a key country for us to invest in.
“Not only does this [acquisition] increase our footprint in the country, but it also allows us to answer our customers’ needs and expectations.
“I am certain this will help us move a step forward in becoming the leading paper-based packaging company in Mexico.”
Smurfit Kappa manufactures paper-based packaging products in Europe and the Americas.
Last month, the company acquired Peruvian paper-based packaging maker Cartones del Pacifico for an undisclosed amount.