The paper giant is set to acquire 51% of the packaging company, which has production operations locally in China and India and service operations in Korea.

Mats Nordlander, Stora Enso executive vice president, packaging and Asia Pacific, said: "We believe that this acquisition provides an excellent opportunity to enhance our presence in China and India, and strengthen our existing relationships with customers and brand owners by supplying packaging directly to them in these markets, as well as Europe."

Inpac International specialises in manufacturing consumer packaging and in 2009 its turnover was €82m (£71.4m).The company's main production plants are at Qian'an in northern China, Dongguan in southern China and Chennai in India.