New York Stock Exchange-listed packaging giant Sonoco, which has 2021 sales of $5.6 billion, is in the process of acquiring Denmark-based recycled paperboard manufacturer Skjern Paper. The approximately $88 million deal is expected to close in the fourth quarter of 2022.
Skjern, which is currently owned by the Danish investment fund Buur Invest, presents itself as the only paper mill in Denmark. Founded in 1965, it produces paper and cardboard from 100% recycled paper, which is used to make tubes for paper towels or gift wrap, binders, puzzles, pallet inserts and other applications in the packaging and paper industries. In fiscal year 2022, Skjern is expected to generate 51 million euros in sales.
With Skjern, the multi-material packaging manufacturer is strengthening its paper and cardboard production. "This acquisition builds on Sonoco's previously formulated strategy of investing in our core business while capitalizing on the growing market for sustainable paper products and packaging in Europe." said Howard Coker, President and CEO of Sonoco. This acquisition is expected to enable Sonoco to "to accelerate again." its organic growth in Europe.
The 22,000-employee American group already operates some 50 sites on the Old Continent, including three in France, and there are more than 300 worldwide.
