Smurfit Kappa Group has completed the acquisition of Cartonbox, a folding carton company located in Monterrey in the north-east of Mexico.
The company said that the acquisition represents an important milestone for the company as it strengthens its participation in the paper packaging solutions business in Mexico and expands its footprint to four folding carton locations in the country.
Commenting on the acquisition, Smurfit Kappa The Americas CEO, Juan G. Castaneda, said, “As a global company, our objective has always been to strengthen our leadership across the globe. Our top priority is to generate value for our stakeholders, and Mexico has shown to be a key country for us to invest in."
"I am certain this will help us move a step forward in becoming the leading paper-based packaging company in Mexico,” he said.
Smurfit Kappa Mexico said it 'welcomes 240 employees from Cartonbox to its family.'
"Prior to the acquisition, we had three folding carton operations in Mexico, located in the Metropolitan Area of Mexico City and in Tijuana. This acquisition gives us the opportunity to directly supply our customers in the northern region of the country," commented Jorge Alberto Angel, Smurfit Kappa Mexico CEO.
“I am certain that using our best-in-class operating systems, procurement arrangements, global mindset, and our design and innovation focus, we are well positioned to partner with new and current customers in the FMCG, food and beverage, bakery and office supplies sectors,” he added.