Proposed acquisition of Milas Packaging in Turkey
DS Smith Plc (“DS Smith”), the leading provider of recycled corrugated packaging in Europe, is pleased to announce that we have reached an agreement to acquire the Milas packaging business (“Milas”) of DasaMilas Ambalaj.
Milas is a leading producer of specialist corrugated packaging and displays in Turkey. The business is focused on international FMCG customers, and is well positioned for the large Istanbul market as well as European export. The business generates approximately $25m of sales and has c.240 employees at its production facility located near Istanbul.
Completion, which is subject to customary conditions including competition clearance, is expected by the end of our financial year 2015/16.
Miles Roberts, Chief Executive of DS Smith said:
“We are pleased to welcome the Milas business into the DS Smith Group and look forward to working with its stakeholders. This acquisition gives DS Smith direct exposure to the attractive Turkish market through a well-invested business focused on FMCG customers and is a further step in complementing our South Eastern European footprint and capabilities for pan-European customers.”