Stora Enso has received regulatory approval from the EU Commission to proceed with the acquisition of De Jong Packaging Group, announced in September 2022. Closure of the transaction is still ongoing and expected to be finalised at the beginning of 2023.
De Jong Packaging Group, based in the Netherlands, has an enterprise value of approximately EUR 1,020 million.
This acquisition will advance Stora Enso’s strategic direction, accelerate revenue growth and build market share in renewable packaging in Europe, according to Stora Enso.
De Jong Packaging Group is one of the largest corrugated packaging producers in the Benelux countries. The group runs packaging facilities in the Netherlands, Belgium, Germany and the UK.
The acquisition will be financed through existing liquidity and bilateral loan arrangements.
“In line with our strategy, we are investing in growing our market share in renewable and circular packaging solutions. De Jong Packaging has a solid presence in the corrugated packaging sector and an impressive customer base. Acquiring their operations supports our future strategic direction to advance renewable packaging solutions within Europe,” said Annica Bresky, President and CEO at Stora Enso, when the acquisition was announced.