DS Smith is pleased to announce it has reached an agreement for the proposed sale of two packaging businesses in North Western France and Portugal to International Paper (NYSE: IP) for €63 million (c. £54 million).
The sales would fulfil 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.
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 our FY 19/20.
Miles Roberts, Group Chief Executive, said
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.