Smurfit Kappa acquires Bulgaria's Artemis bag-in-box plant in Shumen

The acquisition will expand Smurfit Kappa's presence and customer base in Eastern Europe and boost its product portfolio in the bag-in-box sector, the buyer said in a statement on Tuesday.

Artemis will join Smurfit Kappa’s bag-in-box operations network in Europe.

The financial terms of the deal were not disclosed.

"We made this acquisition strategically to boost our growth in the European market and expand our reach in its eastern region," Smurfit Kappa Bag-in-Box CEO Massimiliano Bianchi said.

Dublin-based Smurfit Kappa, a leading global provider of paper-based packaging solutions, operates over 350 production sites across 36 countries, generating revenue of some 11.3 billion euro ($12.3 billion) in 2023. The company already owns two corrugated cardboard plants in Bulgaria, its website shows.

Artemis, founded in 2005, manufactures food and beverage packaging and makes bags for bag-in-box products, as well as films and caps for wine.

($ = 0.9198 euro)