Graphic Packaging Holding Co has agreed to buy A&R Carton's beer and beverage packaging business in Europe for EUR19m (US$24.7m), the US company's second takeover in two weeks.

The acquisition, which also assumes a EUR7m debt, will give Graphic Packaging “a significant position in the European folding carton market”, the company said yesterday (28 November). The deal is subject to closing requirements and expected to complete late next month.

Graphic Packaging announced the GBP71m (US$113.7m) acquisition of Contego Packaging's European business earlier this month, with sites in the UK, Netherlands and Ireland. The two takeovers are expected to generate US$16m-$18m of synergies over the next two years and create a $500m combined business, Graphic Packaging said.

The A&R beer and beverage packaging business includes two manufacturing facilities in Germany and Netherlands that convert about 30,000 tonnes of paperboard each year, Graphic Packaging said.

Graphic Packaging's products include packaging for beer and carbonated and non-carbonated beverages.

Last month, Tetra Pak completed a EUR42m upgrade of its Singapore operations to boost production by a third.