Foreign takeover European packaging giant Smurfit Kappa has acquired Brazilian packaging producer PaperBox, expanding its position in Latin America’s largest corrugated cardboard market.
PaperBox operates a factory located in Saquarema, about 70 km east of Rio de Janeiro, the European company said in a statement.
“We are very proud to expand our footprint in Brazil to meet the growing demand for innovative and sustainable packaging. This acquisition will broaden and strengthen our presence in the country, improve our production capabilities and enable us to continue to create new opportunities and form new partnerships with customers,” said Laurent Sellier, the CEO of Smurfit Kappa in the Americas, as quoted in the statement.
The value of the deal was not disclosed.
Brazil’s corrugated cardboard producers make about 7.4 billion square metres of product per year, according to data from the firm.