Smurfit Kappa Sells Solidboard and Graphicboard Operations in the Netherlands, Belgium and the UK
April 21, 2015 - Smurfit Kappa Group today announced that it has signed an agreement to sell its Solidboard and Graphicboard operations in the Netherlands, Belgium and the UK to the Aurelius Group.
Financial terms of the deal are not disclosed.
The deal includes two Graphic Board mills, an integrated Solid Board operation consisting of two mills and four converting sites.
Smurfit Kappa said the transaction represents a further progression of the Group's stated objective to focus on its core business as a leading global producer of paper based packaging solutions and maximise long term returns for shareholders.
Aurelius said that the transaction "fits clearly into its experience in complex corporate carve-out situations and the acquisition of businesses with scope for operational improvement. Aurelius will support the business, which is currently a top 2 player in both European Solid Board and Graphic Board markets, both financially and operationally.
"The Solid Board operation predominantly serves the food and beverage sector, Graphic Board is heavier and is used in book covers, jigsaw puzzles and displays," Aurelius added.
Aurelius noted that it is planning to expand the business' footprint and optimise its operations, and intends to further strengthen sales of the business by supporting new product development initiative and bringing new products to market.
SOURCE: Smurfit Kappa Group