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Tue, Feb 19, 2019 00:06
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Smurfit Kappa gets official approval to take over two paper mills in Serbia

SERBIA (From news reports) -- The Serbian Commission for Protection of Competition has authorized the purchase of Fabrika Hartije Beograd (Paper Factory Belgrade) and Avala Ada, both in Belgrade, by the Irish company Smurfit Kappa - the Commission says on its website.

The Commission concluded that the takeover of the two most important Serbian paper and packaging facilities would not change the structure of the corrugated boxes market in Serbia.

Smurfit Kappa, one of the biggest producers of paper packaging in the world, announced in November 2018, that it had reached an agreement on the acquisition of Belgrade-based facilities Fabrika Hartije Beograd and Avala Ada. The two factories were sold by the Serbian company Kappa Star for 133 million euro.

Smurfit Kappa announced that the expansion of the operations in southeast Europe would enable the full integration of the packaging process in that part of the world.

Last November, Smurfit Kappa Group CEO, Tony Smurfit, said the following about the takeover: "We are pleased to announce our agreement to acquire FHB and Avala Ada, which will be a cornerstone to the expansion of our business in Southeast Europe. We look forward to welcoming their experienced teams into the Smurfit Kappa Group, and we are confident their expertise and the high quality of the companies' asset bases will provide us with an excellent platform to grow in the region and further strengthen our European offering for our new and existing customers."

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