The acquisition will advance Stora Enso's strategic direction, accelerate revenue growth and build market share in renewable packaging in Europe while enhancing its offering in fresh produce, e-commerce and industrial packaging, it said.

"The acquisition of De Jong Packaging Group will significantly strengthen Stora Enso's European market presence in corrugated packaging and provide an entry into the Netherlands, Belgium, Germany and the U.K.," the company said in a statement.

Subject to certain earnings thresholds, Stora Enso might make an additional earn-out payment in cash of up to EUR45 million in 2024, it added.

De Jong Packaging Group's full year 2022 sales are expected at around EUR1 billion and the acquisition is expected to be EPS accretive from the first year.

The acquisition will be financed through existing liquidity and bilateral loan arrangements and is expected to close at the beginning of 2023.

De Jong Packaging Group has 17 sites in the Netherlands, Belgium, Germany and the U.K. It employs 1,300 people.