Dunapack buys three Greek corrugated plants: 250 employees, €43m revenue and 80m+ m² at Patras alone

The headline is not €43 million. It is the network. Patras alone has annual capacity of more than 80 million m² of corrugated products, Kapandriti operates two corrugated-board production lines, and Thiva adds three converting lines. Dunapack already operates in Schimatari, meaning the deal could transform its Greek footprint from one major base into a four-location production and converting network.

Gerald Prinzhorn, CEO of Prinzhorn Group, called Greece “an attractive market with significant growth potential.” Stanislav Razpopov, Managing Director and Board Member of Dunapack Packaging, said the deal is part of the company’s regional growth strategy and is intended to combine local expertise with Dunapack’s broader network.

What exactly is Dunapack buying?

The three sites bring different strengths.

• Patras is the largest disclosed asset, with more than 80 million m² of annual corrugated-product capacity.
• Kapandriti, in Attica, operates two corrugated-board production lines and sits close to the Athens region, the country’s largest concentration of consumers, logistics activity and industrial demand.
• Thiva adds three converting lines in central Greece.

The consolidated capacity of the three acquired locations has not been disclosed. It is clearly above 80 million m² because the Patras figure alone exceeds that level, but any more precise total would be speculation.

That matters because in corrugated packaging, geography can be as important as corrugator speed. Boxes are light but bulky, so long delivery distances quickly erode margin. With Schimatari, Patras, Kapandriti and Thiva, Dunapack could gain shorter delivery routes, more backup capacity and greater flexibility when serving national accounts.

Why this matters now: Germany + Greece = €117m

The Greek acquisition follows another major Dunapack move. In April 2026, the company agreed to acquire Stora Enso’s corrugated packaging operations in southwestern Germany, including Gaster Wellpappe, Wellpappe Sausenheim and PTI.

Those German operations employ around 350 people and generated approximately €74 million in 2025 turnover. Add Greece and Dunapack has announced transactions representing roughly 600 employees and €117 million of combined 2025 revenue in only a few months, subject to approvals and completion.

This is the stronger strategic signal. Prinzhorn is not relying only on organic growth. It is buying established customer bases, production teams and delivery networks in markets where building from zero would take years.

For European corrugated producers, that raises a difficult question: what happens when a financially stronger integrated group can expand faster through acquisitions than independent competitors can through new machinery alone?

The paper question may be the most important part of the deal

El Pack’s recycled packaging-paper mill in Damasta is not included in the transaction. The mill produces more than 35,000 tonnes per year of recycled liner and fluting, and El Pack’s recovered-paper business also remains outside the deal.

At first glance, that looks like a missing piece. In reality, Prinzhorn already owns Hamburger Containerboard and Hamburger Recycling. Dunapack therefore does not need to buy El Pack’s paper mill to gain access to an integrated paper and recycling platform.

That creates potential synergies in paper sourcing, procurement, stock management, grade allocation and production planning. None of those savings has been quantified publicly, so assigning a value today would be misleading. But for corrugated producers, these are precisely the areas where margin can move quickly.

The acquired business reportedly generated about €41 million in sales and €1.5 million in operating profit in 2024, implying an operating margin of roughly 3.7%, before revenue increased to around €43 million in 2025. That suggests Dunapack may be buying more than current earnings. The bigger opportunity may be improving the economics of the network after integration.

What changes for the Greek corrugated market?

Dunapack Packaging Hellas has operated in Schimatari since joining Prinzhorn Group in 2016. If the El Pack transaction closes, Dunapack would combine Schimatari with three additional production locations across Greece.

For large customers, that can mean better supply security, shorter delivery distances and more flexibility when shifting orders between plants.

For medium-sized independent converters, the pressure is more direct. The most exposed competitors are likely to be producers serving national accounts with standard brown-box volume, where price, lead time and delivery reliability are decisive. A larger Dunapack network can combine local production with group-level paper purchasing, technical support and investment capital.

Independent plants can still compete effectively, especially in short runs, complex formats, rapid decision-making and highly customised service. But competing only on price becomes more difficult when the other side has multiple plants and an integrated paper platform.

What should producers watch now?

• National-account contracts: customers with sites across Greece may become easier for Dunapack to serve from several production points.
• Delivery radius: competitors should compare their freight economics against Patras, Kapandriti, Thiva and Schimatari, not against a single Dunapack plant.
• Paper mix and sourcing: watch whether the acquired sites shift more volume toward Hamburger Containerboard grades after closing.
• Investment priority: the market will want to know whether the next major machinery investment goes to Patras, with its 80m+ m² disclosed capacity, or to the existing Schimatari site.

The company has not announced plant closures or headcount reductions. Around 250 employees are expected to join Dunapack if the transaction closes, so any restructuring scenario remains speculation.

At the same time, Dunapack is upgrading Türkiye

Dunapack is also investing in new BOBST converting equipment at its Denizli plant in Türkiye, adding another layer to the group’s expansion story. Unlike the Greek and German transactions, this is not about buying market share through acquisition. It is about increasing the capability of an existing plant and making more value from the volume already running through the network.

Denizli is an important corrugated production site within Dunapack Packaging Türkiye. The plant already operates a 2.5-metre BHS corrugator and produces a broad mix of flute combinations, including C, B, E, BE and CB. Its converting capabilities include high-quality multicolour printing, rotary and inline die-cutting, stitching and single-face products. Adding BOBST technology therefore strengthens the downstream part of the process — the point where corrugated board becomes a finished, saleable box.

For a corrugated producer, that matters because converting performance can determine whether extra corrugator output actually becomes profitable sales. Faster changeovers, more consistent print and die-cut quality, reduced setup waste and higher line availability can all improve the economics of shorter and more complex production runs. The investment also gives Dunapack more flexibility to handle value-added packaging instead of competing only on standard brown-box volume.

BOBST is one of the key global suppliers of converting and printing technology for the corrugated industry, so the Denizli investment is also a signal about the technological level Dunapack wants across its network. Put together with the acquisitions in Greece and Germany, the strategy becomes clearer: Prinzhorn is expanding geographically while simultaneously upgrading the equipment base of existing operations. More plants create reach; modern converting equipment is intended to turn that reach into better productivity, quality and margin.

What this means for the market

For customers, a larger Greek network could improve delivery speed and supply resilience. For independent converters, the strongest pressure is likely to appear in national accounts and standard-volume work, where logistics and paper economics matter most. For paper and equipment suppliers, a larger Dunapack footprint may create future demand for machinery upgrades, automation, maintenance and paper optimisation across the acquired plants.

The real story is not €43 million. Dunapack is buying a ready-made Greek network at the same time that it is adding German operations and upgrading technology in Türkiye. If the German and Greek deals close, it will have added roughly €117 million of acquired annual revenue and around 600 employees in a matter of months.

The competitive advantage will come from what happens next: how quickly Prinzhorn integrates paper sourcing, logistics, plant roles and investment across the enlarged network.

Sources: Prinzhorn Group / Dunapack Packaging — El Pack acquisition in Greece and German acquisition announcements; El Pack — plant and capacity information; Dunapack Packaging — Denizli, Türkiye and BOBST investment information.