Chesapeake Corp. agreed to acquire First Carton Group Ltd. as the company expands in Europe.
U.K.-based First Carton produces food and beverage cartons at six sites in the U.K. and Germany. First Carton had sales of about $120 million in 1999.
Chesapeake said the acquisition will strengthen its position in Europe, its largest market. The transaction is expected to close next month.
The acquisition is the eighth that Chesapeake has made since the beginning of last year as it builds its European packaging business. Chesapeake's sales in Europe, including the purchase of First Carton, will be about $750 million in 2000. Chesapeake's total sales in 1999 were $1.2 billion.
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