Ireland's Smurfit Kappa to buy Fabrika hartije Beograd and Avala Ada for EUR 133 million
The acquisition will expand SKG’s geographic footprint and provide for full containerboard integration in the Group`s packaging operations in Southeast Europe. FHB and Avala Ada are well invested businesses, with a leading market position in Serbia and solid positions in adjacent countries.
The containerboard mill holds one recently upgraded recycled containerboard machine with a current capacity of 120,000 tons and significant potential to drive synergies and further increase capacity with a limited investment of capital. The corrugated plant has a current production of approximately 110 million square metres and produces both corrugated and laminated packaging. Its customer base is predominantly composed of local and national customers, providing a strong platform for organic growth with SKG`s Pan European and Multi National customers in the region.
The transaction reflects a pre-synergy multiple of 7.6 times the expected full year 2018 EBITDA and the consideration will be funded from the Group`s existing resources. It is expected that the transaction will complete by year end subject to customary completion conditions.
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