DS Smith, the UK-based international packaging supplier, has agreed to acquire 100 per cent of the shares of Zewathener, the German food packaging provider.
The agreement means that 51 per cent of the shares will be acquired from SCA Packaging and the remaining 49 per cent will be acquired from the current management, represented by Paku-Pack Papier und Kunststoff Verpackungen.
Zewathener, located in Schwetzingen, is one of Europe's leading manufacturers of bag-in-box packaging, which is used extensively for a variety of catering applications and for wine retailing. Last year the company had net assets of €2.9 million. Its turnover in 2001 was €21.7 million and it employs approximately 80 people.
The acquisition supports DS Smith's strategy to develop its global liquid packaging and dispensing business. The Zewathener business complements DS Smith's existing bag-in-box business which operates under the Rapak brand and it will strengthen the group's position in continental Europe.
Rapak is currently one of the world's leading suppliers of bag-in-box packaging.