The Competition Protection Commission of Serbia has approved the takeover of Fabrika hartije Beograd and the Avala Ada factory in Belgrade by the Irish Smurfit Kappa Group, the Commission announced on its website.
The Commission concluded that after this acquisition, the structure of the market of the materials for making corrugated cardboard boxes or the market of corrugated cardboard boxes in Serbia will not change.
The Smurfit Kappa Group, which is one of the largest paper packaging manufacturers in the world, announced last November that it had reached an agreement on the takeover of Fabrika hartije Beograd and the Avala Ada factory in Belgrade.
These two factories were sold by the Serbian company Kappa Star for 133 million euros.
Smurfit Kappa announced that the expansion of business operation in Southeast Europe will ensure full integration in the packaging process in that part of the world.
This Irish company has about 46,000 employees, at about 370 production locations in 33 countries and revenue of 8.6 billion euros in 2017.