The acquisition will enable Smurfit Kappa to extend its footprint to four folding carton locations in Mexico
Paper-based packaging products provider Smurfit Kappa Group has wrapped the acquisition of Mexico-based folding carton company Cartonbox.
Cartonbox, which is located in Monterrey in northeast Mexico, will allow Smurfit to expand its paper packaging solutions business in Mexico.
The acquisition will also enable Smurfit to extend its footprint to four folding carton locations in the country, in addition to reaffirming its commitment to paper-based packaging as the core strategic business for the firm.
Under the deal, around 240 employees from Cartonbox will join Smurfit Kappa.
The company’s three Mexican folding carton facilities are situated in the Metropolitan area of Mexico City and Tijuana.
Smurfit Kappa Mexico CEO Jorge Alberto Angel also stated that the company is now well-positioned to collaborate with new and current customers in the FMCG, food and beverage, bakery and office supplies sectors.
Smurfit Kappa Americas CEO Juan 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 very proud to announce that we successfully acquired Cartonbox. Not only does this increase our footprint in the country, but it also allows us to answer our customers’ needs and expectations.”
Last month, Smurfit Kappa completed the acquisition of Peruvian paper-based packaging company Cartones del Pacifico.