DS Smith acquires Greek sector peer

Recycled corrugated packing provider DS Smith has completed the acquisition of Greek sector peer Cukurova Group.

The FTSE 250 group said the newly-acquired business is a market leader in Greece with a turnover of €80m from three production facilities and the transaction is expected to deliver medium term financial targets within three years.

“Cukurova Group is a high quality and stable business that we have known and partnered with for a number of years,” said DS Smith's chief executive Miles Roberts.

“It further strengthens and is very complementary to our recently enlarged presence in the growing region of South Eastern Europe.”

Meanwhile, the group has agreed to sell its minority stake in Cukurova Group's Turkish corrugated paper and packaging entities to the Cukurova Group.

DS Smith shares were down 0.05% to 367.00p at 0821 BST on Wednesday.