Smurfit Kappa Group has announced the acquisition of Cartonbox, a folding carton company located in Monterrey, Mexico.
The acquisition sees the group strengthen its participation in the paper packaging solutions business in Mexico, and expand its footprint to four folding carton locations in the country.
The move reaffirms the packaging firm's commitment to paper-based packaging as its core strategic business, it said.
In June, the packaging expanded its presence in Latin America with the acquisition of paper-based packaging company Cartones del Pacifico in Peru.
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."
Castaneda also spoke highly of the group, saying he was "very proud" to announce the successful acquisition of Cartonbox.
"Not only does this increase our footprint in the country, but it also allows us to answer our customers’ needs and expectations. I am certain this will help us move a step forward in becoming the leading paper-based packaging company in Mexico," he added.
Smurfit Kappa Mexico
Jorge Alberto Angel, Smurfit Kappa Mexico CEO, said, "Smurfit Kappa Mexico welcomes 240 employees from Cartonbox to our family, and I could not be more pleased. 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. 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."