Disposal

RNS Number : 7066M

Smith (DS) PLC

28 May 2010

 



28 May 2010

DS Smith to Sell its Corrugated Packaging Operation in Turkey

DS Smith Plc (SMDS), the international packaging supplier and office products wholesaler, has today agreed to sell DS Smith Copikas, its corrugated packaging operation in Turkey, to Olmuksa International Paper-Sabanci Ambalaj Sanayi Ve Ticaret A.S. for a cash consideration of £4.7m, payable on completion.

The disposal is conditional upon approval by the Turkish Competition Board; it is anticipated that this will take around 6 weeks. In the year ended 30 April 2009 DS Smith Copikas's loss before tax was £(8.3)m.  Its gross assets at 31 October 2009 were £13.2m, with net assets of £0.5m.

The disposal confirms DS Smith's focus on growing core businesses of scale within its portfolio.  DS Smith intends to use the net proceeds from the sale to repay debt.

Enquiries

DS Smith Plc                                                                                       01628 583 400

Steve Dryden, Group Finance Director

 

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