Smith (DS) PLC Acquisition Update (0702O)
May 22 2015 - 7:47AM
UK Regulatory
TIDMSMDS
RNS Number : 0702O
Smith (DS) PLC
22 May 2015
22 May 2015
DS Smith Plc
Update re. Duropack and disposal of StePac
Duropack
DS Smith Plc, the leading provider of recycled corrugated
packaging in Europe, is today pleased to announce that it has
received unconditional competition clearance in relation to the
acquisition of the Duropack business ("the acquisition") from all
of the relevant authorities.
Accordingly, the acquisition is expected to complete on 31 May
2015. An experienced team is in placeto integrate this business
immediately from completion and we look forward to building on the
excellent positions that Duropack already has in its markets.
StePac
On 18 May 2015 DS Smith completed the sale of StePac, a non core
part of our plastics business based in Israel, for $28.25m, subject
to typical post-closing adjustments. The disposal is consistent
with our focus on investment and growth in consumer based packaging
in strategic markets and will result in an exceptional gain in the
current financial year.
Miles Roberts, Chief Executive of DS Smith said:
"We are delighted to have received unconditional competition
clearances for Duropack earlier than anticipated and look forward
to integrating the business into the DS Smith Group. We believe the
combination provides excellent opportunities for our customers,
employees and shareholders. We continue to actively manage our
business portfolio and Duropack is a further important step in our
strategy to leverage our scale and strengthen our geographic
footprint."
Enquiries
DS Smith Plc +44 (0)20 7756 1800
Hugo Fisher, Group Communications Director
Rachel Stevens, Investor Relations Manager
Bell Pottinger
John Sunnucks +44 (0)20 3772 2549
Ben Woodford +44 (0)20 3772 2566
NOTES TO EDITORS
DS Smith is a leading provider of corrugated packaging in Europe
and of specialist plastic packaging worldwide, operating across 25
countries and employing 21,500 people. Our vision is to become the
leader in recycled packaging for consumer goods through offering
great service, quality, innovation and environmental solutions to
our customers. Formore information, visit www.dssmith.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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