According to the paper-based packaging firm, the transaction – subject to the approval of regulatory bodies – is expected to close at the end of October.
Brazil is the largest corrugated-cardboard market in Latin America, the company noted.
This acquisition represents a further expansion of Smurfit Kappa’s operational footprint in Brazil, as it currently operates in three other states: Minas Gerais, Rio Grande do Sul, and Ceará.
“We are very proud to expand our footprint in Brazil, to meet the growing demand for innovative and sustainable packaging,” commented Laurent Sellier, CEO of Smurfit Kappa in the Americas.
“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.”
‘Believes In Brazil’
Manuel Alcalá, CEO of Smurfit Kappa in Brazil, added, “Smurfit Kappa believes in Brazil and in the opportunities to deliver growth by continuing to add value to our customers’ business.
“PaperBox has a distinguished history in the region and a special commitment to all stakeholders. This is a legacy that Smurfit Kappa will build upon.”