Smith(David S)(Holdings) PLC
11 September 2001
David S. Smith (Holdings) PLC acquires UK corrugated packaging operations
David S. Smith (Holdings) PLC has acquired (through its subsidiary David S
Smith Packaging Limited) a number of corrugated packaging operations on a back
to back basis from Anglo American International S.A. (an associate of Mondi
Packaging UK) following their purchase today of the UK paper and packaging
operations of Danisco A/S. The operations acquired by David S Smith consist of
two corrugated sheet feeder plants, based at Kettering and Hastings, and 11
corrugated sheet plants mainly located in the south and west of the UK. The
businesses are being acquired for a total consideration of £20.9m paid in cash
which, following some restructuring, represents an EBITDA multiple of less
than five times.
The acquired packaging plants will provide a good fit with the Group's
existing corrugated operations and will grow our market position in the UK. In
particular the Kettering sheet feeder operation, which is a modern, well
invested plant, will allow the Group to further develop its capabilities in
certain products, such as lightweight decorative sheet. Integration of the
acquired plants will allow cost savings and production efficiencies to be
made.
11 September 2001
Enquiries:
Tony Thorne, Chief Operating Officer
David Buttfield, Finance Director
Paul Froud, Group Communications Manager
David S. Smith (Holding) Plc - 020 7932 5000
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