Dunapack Packaging to Acquire Stora Enso's German Corrugated Operations in Strategic Western Europe Push

Prinzhorn Group's corrugated arm expands its footprint in Germany, adding around 350 employees and approximately €74 million in annual turnover through the targeted deal.

Dunapack Packaging, the corrugated packaging division of Austria's Prinzhorn Group, has signed an agreement to acquire Stora Enso's German corrugated packaging operations, the two companies announced. The transaction covers three business units — Gaster Wellpappe, Wellpappe Sausenheim, and PTI — all located in southwestern Germany.

The facilities collectively employ around 350 people and are projected to generate approximately €74 million in turnover in 2025. No broader financial terms for the transaction were disclosed. Completion of the deal is subject to merger clearance and is anticipated during 2026.

A Calculated Step West for Dunapack

For Dunapack Packaging, the deal represents a deliberate expansion beyond its stronghold in Central and Eastern Europe, where it has long operated as a regional market leader. The company currently runs 24 plants across 11 countries, with a combined sales volume of around 3 billion square metres of corrugated packaging annually.

Germany — Europe's largest economy and one of its most competitive packaging markets — has been a logical target for the Prinzhorn Group's growth ambitions. The acquisition of three established converting operations in the country's southwest gives Dunapack an immediate local presence, customer relationships, and operational infrastructure without the lead time of a greenfield investment.

The move also follows a broader pattern of Dunapack expanding further west. In 2023, the company completed the acquisition of Scatolificio La Veggia in Italy, signalling the group's intent to build scale in Western Europe's mature corrugated markets.

Integration Into the Prinzhorn Supply Chain

A notable element of the deal is the strategic logic behind vertical integration. Dunapack said it intends to leverage the acquired German operations alongside Hamburger Containerboard — the group's containerboard production arm, which operates mills including a major facility in Spremberg, Germany.

This integration play mirrors the Prinzhorn Group's broader circular business model: Hamburger Recycling collects recovered fibre, Hamburger Containerboard converts it into containerboard, and Dunapack Packaging produces finished corrugated solutions for end customers. Adding converting capacity in southwestern Germany deepens that chain and improves the economics of each link.

For Stora Enso, the divestiture is consistent with its ongoing strategy to sharpen its focus on core renewable packaging growth areas. The Finnish-Swedish group has spent recent years restructuring its European portfolio — exiting graphic paper, rationalising mills, and doubling down on containerboard and cartonboard integration. Shedding converting operations in Germany that sit outside its strategic core allows Stora Enso to allocate capital and management attention more efficiently.

What It Means for the German Corrugated Market

The German corrugated packaging market is among the most competitive in Europe, characterised by a mix of large integrated players, regional independents, and specialist converters. Demand is underpinned by strong industrial, food and beverage, e-commerce, and retail sectors, even as broader economic pressures have weighed on packaging volumes in recent years.

Dunapack's entry into the market through established assets — rather than organic growth — gives it credibility with existing customer bases from day one. The company noted that the acquisition is intended to serve both current and new customers through its existing service capabilities, and that the incoming workforce will be integrated as part of the transaction.

For employees at Gaster Wellpappe, Wellpappe Sausenheim, and PTI, the transition brings them into one of Europe's larger privately held packaging groups, with the investment capacity and strategic direction that family ownership under the Prinzhorn umbrella has historically provided.

Outlook

With merger clearance still pending, the deal is expected to formally close at some point in 2026. Once completed, it will add a meaningful German dimension to Dunapack's European network and further position the Prinzhorn Group as a credible challenger in Western European corrugated markets — a space long dominated by larger listed players.

The transaction is one to watch for industry observers tracking consolidation in European corrugated packaging, where the pressure to achieve scale, integration, and sustainability credentials is reshaping competitive dynamics across the continent.