Prinzhorn Group expands Greek corrugated footprint with acquisition of El Pack plants

In a move that highlights the ongoing consolidation within the Southern European packaging market, Dunapack Packaging Hellas—a subsidiary of the Austrian industrial giant Prinzhorn Group—has signed a definitive agreement to acquire the corrugated packaging operations of Greek manufacturer El Pack. Expected to close in the second half of 2026 pending regulatory clearances, this transaction delivers a substantial manufacturing capacity injection and broadens Dunapack’s footprint in a highly competitive regional market.

Dissecting the transaction: Facilities and excluded assets

The acquisition specifically encompasses El Pack’s corrugated converting and production facilities located in Patras, Kapandriti, and Thiva. The operational crown jewel of this portfolio is the Patras plant, which boasts an impressive annual production capacity exceeding 80 million square meters of corrugated board. The Kapandriti site operates two dedicated corrugated board production lines, while the Thiva facility contributes three advanced converting lines. Upon completion of the merger clearance, approximately 250 skilled employees from El Pack will transition to the Prinzhorn Group. From an industry analyst perspective, it is equally important to note what the deal leaves out. El Pack is not divesting its entire corporate portfolio. The company’s vertically integrated upstream assets, specifically the Damasta recycled packaging paper mill—capable of producing over 35,000 tonnes per year of recycled liner and fluting—and the recovered paper business Fthiotis Recycling, are explicitly excluded from the transaction. This suggests that El Pack will pivot to focus entirely on its paper production and recycling streams, while Dunapack absorbs the downstream packaging conversion capabilities.

Strategic imperatives for Prinzhorn Group

For Dunapack, this acquisition represents a logical and aggressive continuation of its Greek expansion strategy. The company has operated a state-of-the-art facility in Schimatari since 2016, following its initial entry into the market. Between 2017 and 2022, Dunapack funneled significant capital into Schimatari through two major investment cycles, adding a new corrugator, upgrading converting machinery, and expanding raw material warehousing. By absorbing El Pack’s corrugated branch—which generated sales hovering between €41 million and €43 million in recent fiscal years—Dunapack effectively multiplies its local market penetration. The Prinzhorn Group, which commands an annual turnover approaching €2.9 billion and employs over 10,000 people across 16 countries, views Greece as a crucial node for serving the broader Balkan and Mediterranean supply chains.

Navigating Mediterranean market dynamics

The rationale behind this acquisition extends beyond mere volume aggregation. The Southeast European corrugated sector is increasingly demanding tighter supply chains, faster turnaround times, and higher print quality to serve the fast-moving consumer goods (FMCG) and agricultural export sectors. By unifying El Pack’s deep local market expertise with Dunapack’s pan-European integrated business model, the newly formed entity aims to achieve unprecedented logistical efficiency. Vasileios Exarchos, Cluster Managing Director at Dunapack Packaging, highlighted that the move builds upon more than six decades of successful growth in Greece. The consolidation of these two industrial footprints will allow for optimized production runs, better load balancing between the Schimatari, Patras, Kapandriti, and Thiva plants, and enhanced service reliability for key accounts across the region.

This acquisition signals a clear consolidation trend in the Mediterranean corrugated sector, where scale and multi-site networks are becoming essential to remain competitive against rising operational and capital costs. Will other regional independent converters feel the pressure to merge or be acquired before the end of the year to defend their market share? Follow The Paper for daily news, market signals and key updates from the global paper, corrugated and packaging industry. — Sigue toda la actualidad del sector en www.thepaper.ai