DS Smith to Sell Two Packaging Businesses to International Paper for EUR 63 Million
April 17, 2019 - DS Smith announced that it has reached an agreement for the proposed sale of two packaging businesses in North Western France and Portugal to International Paper for EUR 63 million. The sales of the packaging businesses would fulfill the commitment made to the European Commission in relation to the clearance of DS Smith's acquisition of Papeles y Cartones de Europa, S.A., known as Europac, which was completed on January 22, 2019. “I am delighted that we are on track to meet our commitment to the European Commission with both an attractive price and a good home for the businesses in International Paper, said Miles Roberts, Group Chief Executive of DS Smith. Completion of the sales is subject to customary closing conditions including works council consultation and regulatory approvals and expected to take place in the first half of DS Smith's fiscal year 20119/2020. DS Smith is a leading provider of corrugated packaging in Europe and present in 37 countries, employing around 26,000 people. To learn more, please visit: www.dssmith.com. SOURCE: DS Smith |