European packaging giant Smurfit Kappa has acquired Brazilian packaging manufacturer PaperBox, expanding its position in Latin America’s largest corrugated market.
PaperBox operates a factory located in Saquarema, about 70 kilometres east of Rio de Janeiro, the European company said in a statement.
«We are very proud to expand our presence in Brazil to meet the growing demand for innovative and sustainable packaging. This acquisition will expand and strengthen our presence in the country, improve our production capabilities, and allow us to continue to create new opportunities and forge new partnerships with customers» said Laurent Sellier, Smurtfit Kappa Managing Director for the Americas. «Smurfit Kappa believes in Brazil and growth opportunities by continuing to add value to our customers’ business» continues Manuel Alcalá, CEO of Smurfit Kappa in Brazil. «PaperBox has an illustrious history in the region and a special commitment to all stakeholders. This is a legacy that Smurfit Kappa will build on».
The value of the agreement was not disclosed.
Brazilian corrugated cardboard manufacturers make around 7.4 billion square metres of product per year, according to company figures.