Irish Giant Acquires the Corrugated Plant in Lukovit

Business | February 19, 2019, Tuesday // 11:08
Bulgaria: Irish Giant Acquires the Corrugated Plant in Lukovit

The Irish giant in the field of paper and packaging production Smurfit Kappa wants to acquire 100 percent of the Bulgarian company Vitalvel AD, it is clear from a notice sent to the Commission for Protection of Competition. It does not clear the financial parameters of the deal.

Smurfit Kappa owns over 350 businesses in 33 countries across Europe and America. The company's activities are related to the production and trade of corrugated cardboard, corrugated packaging and others. For the year 2017, the company has a turnover of € 8.6 billion and the number of employees worldwide reaches 45 000 people.

Its profit before taxes, charges, depreciation and interest for the whole group is € 1.545 million. Smurfit Kappa operates businesses in both Greece and Romania, and last year it has also acquired in Serbia, as well as in France and the Netherlands. The Bulgarian "Vitavel" JSC is the successor of the plant in Lukovit, established in 1970. In 1995 the enterprise was privatized by the management team. The owner of 84.90% of the shares is Vitalvel Invest AD, the rest are owned by individuals. The company realized almost 14 million leva revenues in 2017, but also a loss of 481 thousand leva. Over the previous two years the losses amounted to BGN 365 thousand and BGN 249 thousand, respectively. The number of employees is almost 150 people.

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