Smurfit Kappa, a leading packaging company, has announced that it has signed an agreement to acquire Artemis Ltd., a Bag-in-Box packaging plant located in Shumen, Bulgaria. The acquisition is a strategic move to boost the company's growth in the European market and expand its presence in Eastern Europe.

Artemis is a well-established manufacturer of Bag-in-Box products, including bags, films, and caps for wine and other beverages. The company also provides packaging solutions for the food and beverage industry, serving a range of customers across Europe. By joining Smurfit Kappa's network of Bag-in-Box operations in Europe, Artemis will be able to leverage the company's global expertise, resources, and customer base.

Massimiliano Bianchi, CEO of Smurfit Kappa Bag-in-Box, stated that the acquisition is a key part of the company's strategy to expand its presence in Eastern Europe. He emphasized that the acquisition will enable Smurfit Kappa to offer its customers more benefits, including outstanding product quality, high-quality service, and access to the company's wide-ranging expertise.

The acquisition is expected to enhance Smurfit Kappa's product portfolio and innovation capabilities in the bag-in-box sector. The company is committed to continuing to develop and invest in the Artemis plant to ensure that it remains a leading player in the market.

"We are thrilled to welcome Artemis Ltd. to our family of companies," said Bianchi. "This acquisition is a strategic move that will enable us to expand our presence in Eastern Europe and provide our customers with even more innovative packaging solutions."

The acquisition is expected to be completed by the end of 2023, pending regulatory approval.