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Serbia approves takeover of FHB and Avala Ada by SKG
Smurfit Kappa Group (SKG) may acquire Serbian companies Fabrika Hartije Beograd (FHB) and Avala Ada, both based in Belgrade, according to Euwen. Smurfit Kappa Group would then become leading company in the country's corrugated market.
Recently, Serbia's National Commission for Competition announced that the planned takeover was examined and approved in a fast-track procedure.
FHB and Avala Ada are both part of the Serbian Cypriot group Kappa Star Limited. Paper manufacturer FHB operates a 5 m recycled corrugated case material machine with a production capacity of 120,000 t per year. Avala Ada produces corrugated board and packaging and has a production capacity of 110 million m². Both companies are regarded as leading suppliers in their respective market segments.