DS Smith Plc – Completion of the sale of two packaging businesses to meet European Commission commitment22 July 2019
Further to the announcement on 17 April 2019, DS Smith Plc is pleased to announce that, following the fulfilment of all closing conditions, it completed on 28 June 2019 the sale of two packaging businesses in North Western France and Portugal to International Paper (NYSE: IP) for €63 million (c. £56 million). The sale fulfils 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 completed on 22 January 2019.
Miles Roberts, Group Chief Executive, said “We are delighted to have completed this transaction, which ensures that the business and colleagues have found a good home at an attractive price for the business. The integration of Europac is progressing well and we are very pleased with the quality of our customer offering in the region.”