DS Smith has agreed to acquire Serbian packaging firm Bosis doo, in a move that will support the former's growth drive in Eastern Europe.
The acquisition will be structured as a share transaction and is expected to complete within the second half of DS Smith’s financial year, subject to customary closing conditions, the company said in a statement.
Miles Roberts, group chief executive of DS Smith, commented, "We are seeing significant growth in demand for sustainable packaging and for plastic replacement in East Europe, especially in Serbia, and are delighted to announce our agreement to acquire Bosis doo.
"We look forward to warmly welcoming our new colleagues. This acquisition will develop our ability to support customers, enhancing our capabilities in the region and accelerating growth by offering world-class, sustainable, and innovative products to many more customers."
DS Smith works closely with customers to help them address their sustainability goals and aims to accelerate this progress in the Eastern European region.
Recently, the business reported that it achieved the 'milestone' of replacing more than 762 million units of plastic since March 2020.
Reinier Schlatmann, regional managing director of East Europe at DS Smith, commented, "This new investment will support our medium and long-term strategy and growth ambitions across the DS Smith East Region.
"It will expand our footprint and portfolio with advanced technology and capabilities that allow us to support our customers better in achieving their ambitious environmental goals and offering new plastic replacement innovations."
Following the completion of this acquisition, DS Smith’s total packaging operations in Eastern Europe will comprise 29 box plants and additional facilities, employing more than 7,000 people in the region.
Situated around 100km south of Belgrade, family-owned Bosis doo was founded in 1982 and employs 140 employees working on a single site in Valjevo.
Bogoljub Pantelić, founder and owner of Bosis doo, commented, "Following 41 years of successful, responsible and sustainable business, during which Bosis doo grew from a small family-owned screen printing shop into one of the regionally recognised players in the production of offset cardboard packaging and blister packaging, the time came for a new phase in the development of Bosis doo.
"We are sure that this is the right decision for our family and Bosis doo, our employees and their families, as well as our long-term business partners and local community, and that we are also leaving them in the safe hands of DS Smith, a leading sustainable packaging provider. Our shared philosophy and values will ensure the future and sustainable growth of Bosis doo."