Lordos United finalizes €8.16 million acquisition of Cypriot corrugated leader P&S Carton

The consolidation of the Mediterranean packaging market has taken a definitive step forward. Lordos United Public Ltd has officially completed the acquisition of a 51% controlling stake in P&S Carton Industries Ltd for €8.16 million. Following the initial agreement signed in July 2026 and the subsequent clearance by the Commission for the Protection of Competition, the transaction is now fully executed, formally integrating the corrugated manufacturer as a subsidiary of the Lordos group.

This move represents a significant strategic pivot for Lordos United, a company historically rooted in plastics manufacturing. By absorbing P&S Carton, the group immediately secures a dominant position in the regional paper packaging sector. Established in 1991, P&S Carton operates as the only domestic manufacturer of corrugated cardboard boxes in Cyprus, currently supplying approximately 60% of the local market demand across the agricultural, pharmaceutical, food, and beverage sectors.

Strategic diversification and market dominance

The €8.16 million cash transaction highlights the premium placed on established domestic production capabilities. While the original founders and sellers retain a combined 49% shareholding, Lordos United now dictates the operational and strategic direction of the facility. The acquisition allows the group to diversify its portfolio away from single-use and industrial plastics, aligning with broader market trends that favor recyclable, fiber-based packaging solutions.

Operating as the primary domestic producer does not insulate P&S Carton from import competition, making operational efficiency a critical focus for the new management. To maintain and expand its 60% market share, the company must address the evolving demands of its diverse client base, particularly in the high-volume agricultural and consumer goods segments.

Capital expenditure planned for 2027 and 2028

The change in ownership is expected to trigger a modernization cycle at the plant. Industry sources indicate that Lordos United is already mapping out a capital expenditure program for 2027 and 2028, focusing on new machinery and automation upgrades. These investments aim to increase production capacity, reduce waste, and introduce more complex corrugated structural designs that the Cypriot market currently imports.

By integrating P&S Carton into its broader corporate structure, Lordos United is positioning itself as a comprehensive packaging provider, capable of offering both rigid plastics and sustainable corrugated solutions. The success of this €8.16 million integration will largely depend on the execution of the upcoming machinery upgrades and the ability to leverage cross-selling opportunities within their existing customer networks.