Unite has a national agreement for corrugated packaging workers across more than 20 sites at the two groups.
Widespread industrial action could potentially have caused packaging supply disruption in the crucial pre-Christmas period.
Unite national officer Louisa Bull said: “Unite settled our dispute with DS Smith and Smurfit on Friday after a revised 8% offer aggregated was accepted across 26 sites.”
The GMB is still in dispute but has suspended strike action at present.
A GMB spokesperson commented: “GMB members narrowly voted to reject the offer, but due to the closeness of the vote the strike action has been suspended for one week while we consult with our members.”
DS Smith had initially tabled an offer of a 3% consolidated increase plus a consolidated payment of £760 for 2022-23.