DS Smith Completes Acquisition of Deku-Pack in Denmark; obtains €3.2M financing to develop Hungarian operations
(London, Sept. 5, 2016) DS Smith said that it has completed the acquisition of Deku-Pack, following receipt of competition authority clearance.
Terms of the deal, which was announced on July 20, were not disclosed.
Deku-Pack is a specialist in Point of Sale and display products and services for in-store marketing, located in Denmark and employs about 80 people. The business is focused on FMCG, retail and media markets and significantly builds on DS Smith’s capability within the Scandinavian markets.
Miles Roberts, CEO of DS Smith, commented, “We are delighted to announce the completion of the acquisition of Deku-Pack and look forward to building on our joint expertise in this area. This investment in display further enhances our leading customer offering both geographically and in this important and growing market segment.”
Additionally, DS Smith will obtain more than HUF 993 million (€3.2 million) to develop the operations of its offshoot in the Hungarian market.
The contribution will finance research and development activities on new products.
The funds, provided by the country’s National Research Development and Innovation Office (NKFIH), were allocated to Hungary by the European Commission with the aim to develop the innovativeness of local compa-nies and research entities. In total, 247 Hungary-based projects are to obtain HUF 68 billion (€220 million) in co-funding from the EU.
DS Smith is a leading provider of corrugated packaging in Europe and a specialist in plastic packaging worldwide. To learn more, please visit: www.dssmith.com (Source: DS Smith Plc)