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Paper Recycling April 18, 2019 10:30:06 AM

DS Smith Announces Committed Sale of Packaging Business to International Paper

Paul Ploumis
ScrapMonster Author
Recently, the company had reached an agreement with Stamford, Connecticut-based private equity firm Olympus Partners to sell its Plastics division for a sum of $585 million.`
DS Smith Announces Committed Sale of Packaging Business to International Paper

SEATTLE (Scrap Monster): London-based international packaging business DS Smith Plc announced sale of two of its packaging business as part of meeting its commitment to the European Commission. The company has entered into agreement with International Paper on sale of its businesses in North Western France and Portugal for a sum of approximately €63 million.

The sale of the businesses is in fulfillment of the commitment made by DS Smith to the European Commission in connection with its €1.4 billion acquisition of Europac- the Spanish corrugated packaging and paper manufacturer- a deal that is expected to create significant value for customers and consistent and attractive returns for its shareholders. The sale transactions are subject to customary closing conditions and necessary regulatory approvals and are expected to be completed during H1 of financial year 2019-’20.

Miles Roberts, Group Chief Executive, DS Smith stated that the company is delighted to be on track in meeting its commitment to the European Commission with both an attractive price and a good home for the business in International Paper.

Recently, the company had reached an agreement with Stamford, Connecticut-based private equity firm Olympus Partners to sell its Plastics division for a sum of $585 million. The transaction covers various plastics operations including flexible plastics, rigid plastics and foam products spread across 12 different countries.

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