Stora Enso has confirmed it is set to acquire De Jong Packaging. The deal has an enterprise value of approximately €1,020 million.
The acquisition will strengthen Stora Enso’s European market presence in corrugated packaging and provide an entry into the Netherlands, Belgium, Germany and the UK. Together, the corrugated packaging capacity of De Jong Packaging Group and Stora Enso’s Packaging Solutions will be more than 2,000 million sqm, including De Jong Packaging Group’s ongoing expansion projects which are expected to be finalised by 2025. The combination will secure a platform for continued sustainable growth in the fragmented European corrugated packaging markets.
The current management team of De Jong Packaging Group, including Henk de Jong and Ad Smit, will continue to lead and grow the business. The De Jong Packaging team will remain in place and continue to be the first point of contact as before.
Closing of the transaction is expected at the beginning of 2023, subject to works council consultation and regulatory approval.
