8 September 2022 De Jong Packaging Group, the largest independent corrugated manufacturer in the Benelux, is pleased to announce that Stora Enso has acquired the company. Together De Jong Packaging Group and Stora Enso will accelerate revenue growth and build market share in renewable packaging in Europe. De Jong Packaging Group’s product portfolio and geographic presence will complement and enhance Stora Enso’s offering, especially in fresh produce, e-commerce and industrial packaging.
The acquisition will significantly strengthen Stora Enso’s European market presence in corrugated packaging and provide an entry into the Netherlands, Belgium, Germany and the UK. Together, the corrugated packaging capacity of De Jong Packaging Group and Stora Enso’s Packaging Solutions will be more than 2,000 million m2, including De Jong Packaging Group’s ongoing expansion projects which are expected to be finalised by 2025. The combination will secure a platform for continued sustainable growth in the fragmented European corrugated packaging markets. The enterprise value of the transaction is approximately EUR 1,020 million of which EUR 250 million is IFRS lease assets and liabilities.
Photo: Murk Feitsma
“We are proud of what we have achieved over the past 26 years at De Jong Packaging Group. In Stora Enso we have found an owner that shares our growth ambitions. De Jong Packaging Group and Stora Enso complement each other, together we will enhance our customer proposition and will open up many opportunities for our personnel. Therefore, we very much look forward to the next phase of De Jong Packaging Group’s growth,” state Henk de Jong, owner of De Jong Packaging Group and Ad Smit, CEO of De Jong Packaging Group.
“In line with our strategy, we are investing in growing our market share in renewable and circular packaging solutions. De Jong Packaging Group has a solid presence in the corrugated packaging sector and an impressive customer base. Acquiring their operations supports our future strategic direction to advance renewable packaging solutions within Europe,” says Annica Bresky, President and CEO at Stora Enso.
“We are excited about this acquisition. With our shared focus on agility and customer value, and with the excellent teams in both companies, we will create a strong platform for future growth. De Jong Packaging Group has a solid track record of growth in corrugated packaging, which combined with our experience in innovative design, digital solutions and sustainability services, will enable us to strengthen our offering,” says David Ekberg, EVP Packaging Solutions division at Stora Enso.
Nielen Schuman acted as financial advisor to the shareholders of De Jong Packaging Group and De Brauw Blackstone Westbroek served as their legal advisor.
The transaction is subject to works council consultation and regulatory approval and is expected to close early 2023.
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