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Share Price: 3,550.00

Bid: 3,544.00

Ask: 3,546.00

Change: 10.00 (0.28%)

Spread: 2.00 (0.056%)

Open: 3,564.00

High: 3,608.00

Low: 3,522.00

Prev. Close: 3,540.00

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Smurfit Kappa invests EUR35 million in construction of new facility

Wed, 25th May 2022 11:21

(Alliance News) - Smurfit Kappa Group PLC on Wednesday said it investing over EUR35 million in the construction of a new packaging plant in Morocco.

The Dublin-based corrugated packaging company said the plant will be located in the capital of Rabat and cover an area of 25,000 square meters. The construction of the plant started this week.

"In a market where the demand for corrugated packaging currently exceeds supply, the new plant will play an important and strategic role," Smurfit Kappa said.

The FTSE 100 firm said the facility, its first corrugated plant in the north African country, will supply packaging to local and multinational customers based in Morocco, in sectors such as industrial, agriculture, fast-moving consumer goods, automotive, pharma and ceramics.

The facility is expected to be operational in early 2023.

Smurfit Kappa shares were trading 0.8% higher at 3,115.00 pence each in London on Wednesday morning.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

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