$150m US deal by Smurfit Kappa

Packaging company Smurfit Kappa yesterday announced that it had struck a deal to acquire an American competitor for $150m (€118.24m).

Bates Container, based in Texas, will provide considerable synergies worth in excess of $11m to Smurfit Kappa.

The deal is to be financed from the company’s existing cash reserves, including an estimated further deferred payment of $7.5m, and is expected to close before the end of the year, the company said in a statement.