Irish mill group Smurfit Kappa has agreed a deal to purchase Italian recycled containerboard mill Verzuolo for €360 million (£306 million).
Owned by Burgo Group, the mill is situated close to the port of Savona in Italy and its PM9 machine was converted in 2019 to produce recycled containerboard. It has a capacity of 600,000 tonnes.
Smurfit Kappa Group (SKG) chief executive Tony Smurfit said: “We welcome the highly experienced Verzuolo team to the Smurfit Kappa Group as we continue to strengthen the world’s leading paper-based packaging group.
“Consistent with our multi-stakeholder approach, we believe that this acquisition represents another positive step for the Group, our customers and all shareholders.
“SKG has a proven ability to identify, acquire, integrate and optimise complementary businesses. This acquisition also reflects the inherent agility of our approach to deploying capital rapidly and effectively.”