Completion of disposal

RNS Number : 9220D

Smith (DS) PLC

01 July 2019

 

DS Smith Plc - Completion of the sale of two packaging businesses to meet European Commission commitment

1 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."

Enquiries

DS Smith Plc                                                                       [phone]

Investors

Hugo Fisher, Group Communications Director

Rachel Stevens, Investor Relations Director

Media

Greg Dawson, Group Corporate Affairs Director

Brunswick                                                                           [phone]

Simon Sporborg

Dan Roberts

Cautionary statement

This announcement contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and DS Smith plc undertakes no obligation to update these forward-looking statements. Nothing in this trading statement should be construed as a profit forecast.

 

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