United Kingdom-based DS Smith Plc has reported the sale of two packaging businesses to United States-based International Paper (IP).
DS Smith said the transaction was undertaken to help secure European Commission approval of its acquisition of Papeles y Cartones de Europa, S.A. (Europac). That acquisition was announced in January of this year.
The two plants sold to IP are described by DS Smith as “packaging businesses in northwestern France and Portugal.” The two facilities were sold for €63 million ($71.2 million), with the sale subject to “customary closing conditions,” according to DS Smith.
On the DS Smith website, the only mill listed is in Viana, Portugal, while a mill in Rouen, France, is the farthest northwest of its three mills in France. The Rouen mill makes recycled-content fluting and medium, according to DS Smith, and the Viana mill makes kraft liner paper.
“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,” remarks Miles Roberts, DS Smith group chief executive.
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