Stora Enso, has completed the acquisition of the Netherland-based company De Jong Packaging Group, one of the largest corrugated packaging producers in the Benelux countries. The acquisition announced in September 2022 with an enterprise value of approximately EUR 1,020 million was closed following regulatory clearances and employee consultation.
The acquisition will significantly strengthen Stora Enso's presence in European packaging markets and provide an entry into the corrugated packaging market in the Netherlands, Belgium, Germany, and the UK. With the acquisition, Stora Enso's Packaging Solutions division will increase its corrugated packaging capacity by approximately 1,200 million m2 to more than 2,000 million m2, including De Jong Packaging Group's ongoing expansion projects. De Jong Packaging Group's full-year 2022 sales are estimated at approximately EUR 1 billion. Its product portfolio and geographic presence complement and enhance Stora Enso's offering, especially in fresh produce, e-commerce, and industrial packaging.
"I am pleased to officially welcome De Jong Packaging Group as part of Stora Enso. This acquisition advances Stora Enso's strategic direction by accelerating revenue growth and building market share in renewable packaging in Europe," says Annica Bresky, president and chief executive officer, Stora Enso.