Ireland-based corrugated packaging company Smurfit Kappa has acquired Peruvian paper-based packaging maker Cartones del Pacifico.
The acquisition will allow Smurfit Kappa to improve its business, primarily in the agricultural and industrial areas.
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It also increases the company’s presence in the Americas from 12 to 13 countries, allowing it to improve its packaging offering to multinationals operating in Latin America.
The financial details of the transaction have not been disclosed.
Smurfit Kappa Group CEO Tony Smurfit said: “The acquisition of Cartones del Pacifico further expands our strategic reach and underscores our growing regional capability in Latin America.
“With a population of over 30 million, we are delighted to expand our footprint into Peru to help drive future growth.
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By GlobalData“We welcome the Cartones del Pacifico employees to our team of talented people and look forward to their expertise contributing to the success of Smurfit Kappa Group.”
Under the terms of the deal, Smurfit Kappa has sold its El Salvador flexible packaging business to Emusa Group.
Located in Paramonga near Lima, Cartones del Pacifico manufactures paper-based and cardboard packaging.
Following the acquisition, the company’s 368 employees will work alongside Smurfit Kappa’s workforce of 46,000 people.
Smurfit Kappa Americas CEO Juan Castaneda said: “There is a strong cultural fit between our businesses and we are excited about the potential for Cartones del Pacifico within the Smurfit Kappa integrated system.”
Last month, Smurfit Kappa invested €20m ($24m) in four of its manufacturing plants across the Czech Republic and Slovakia to expand their converting capacity.
The company, which is focused on capital investment plans, posted an underlying revenue increase of 5% to €2.27bn in the first quarter of the year.
