South African paper group Mondi signed an agreement to buy Russian Beepack which makes corrugated packaging trays and boxes for food and agricultural products, for €41 million ($46 million). The deal should be sealed before the year ends, Reuters reports.

“Acquiring the Russian firm falls under Mondi’s plans to expand its business in Central and Eastern Europe. The acquisition of Beepack supports the ongoing development of our corrugated packaging business in Central and Eastern Europe. It enables us to enter a market with strong growth potential while expanding our geographic reach to better serve our customers,” said CEO of Mondi, David Hathorn.

Listed in London and Johannesburg, Mondi has operations in more than 30 countries.

Alain Okpeitcha