South Africa-based paper and packaging firm Mondi Group has entered into a deal to purchase Russian corrugated packaging provider Beepack from a private investor for RUB2,825m (€41m).

Subject to customary closing conditions, the debt-and-cash-free basis deal is expected to complete by the last quarter of this year.

Mondi Group chief executive David Hathorn said: “The acquisition of Beepack supports the ongoing development of our Corrugated Packaging business in central and eastern Europe.

"The acquisition of Beepack supports the ongoing development of our Corrugated Packaging business in central and eastern Europe."

“It enables us to enter a market with strong growth potential while expanding our geographic reach to better serve our customers.”

Beepack’s Lebedyan plant in Lipetsk region of Russia produces various corrugated packaging trays and boxes for food and agricultural products including beverages, fruit and vegetables, poultry and dairy.

Apart from serving local customers, the company also serves customers worldwide.

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With nearly 25,000 employees, Mondi currently has operations across more than 30 countries in central Europe, Russia, North America and South Africa.

It also provides more than 100 packaging and paper products for various customers, end consumers and industrial end applications.

In July, the company entered a deal to acquire ZAO Uralplastic-N (Uralplastic) from Russian firm Rusnano and an undisclosed private investor.

Uralplastic currently serves both local and international clients, and operates one plant near Ekaterinburg in the Ural region of Russia.