Irish corrugated paper and packaging company, Smurfit Kappa has completed its previously announced acquisition of Orange County Container Group (OCCG) for a total cash consideration of $340m.
Smurfit Kappa CEO Gary Gann said the acquisition is in line with its growth strategy, complements its existing Mexican business and increases its exposure.
"Our focus now is on the effective integration of our businesses in the region which gives us an exciting platform to continue to provide creative packaging solutions to both current and prospective customers," Gann said.
The cash consideration subjected to customary post completion price adjustments is being funded by Smurfit Kappa, and represents an effective use of the group’s existing cash resources.
OCCG is a corrugated and containerboard manufacturer with operations in Northern Mexico and in the Southern US and will form part of the group’s Latin America segment.
Smurfit Kappa Group is a provider of paper-based packaging with operations in Europe and Latin America and operates in 21 countries.