CRP employs around 220 staff across three dedicated sites in Corby and was founded by chairman Peter Sangster, who will retire from the business following completion of the sale.

The company, which has its own in-house flexo, digital and litho printing capability, specialises in litho-laminated packaging, 3D point of sale, HD preprint, food contact and heavy duty packaging.

Eddie Fellows, managing director of CRP, said: "The Company has enjoyed considerable success under private ownership for the last 20 years and has grown substantially in the past five years. The time is now right for us to strategically align our business to meet the future requirements of the market and Smurfit Kappa was the obvious choice with its extensive product offering and wide geographical spread."

Clive Bowers, chief executive of Smurfit Kappa corrugated UK said: "I am delighted with the acquisition of CRP Print and Packaging. They have built an excellent business across a number of product group areas which adds to our existing strengths, whilst offering new and exciting product opportunities to the market. This acquisition supports our continued drive to further develop the future of packaging with creative product and supply chain solutions.

"Eddie and I would like to take this opportunity to thank Peter Sangster, founder and chairman of CRP, who has been associated with the industry for fifty years, for his commitment, dedication and market leadership. Everyone wishes him a healthy and well deserved retirement."

SKUK is a subsidiary of the global paper-based packaging giant Smurfit Kappa Group, which employs approximately 41,000 people across 350 production sites in 32 countries worldwide, with a combined revenue of €7.3bn in 2012.

Smurfit Kappa Group's share price has risen more than 3.3% this week to 17.43 at the time of writing.