DS Smith Sells Two Packaging Businesses to Meet EC Commitment
April 17 2019 - 1:47AM
Dow Jones News
By Ian Walker
DS Smith PLC (SMDS.LN) said Wednesday that it has sold two
packaging businesses in North Western France and Portugal to
International Paper Co. (IP) for 63 million euros ($71.3
million).
The packaging company said the sale was part of its commitment
to the European Commission for clearance of its acquisition of the
Spanish business Papeles y Cartones de Europa, SA--known as
Europac--for EUR1.67 billion and which completed on Jan. 22.
The disposals are conditional regulatory and other clearances,
and are expected to close in the first half of fiscal 2020.
"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," Chief Executive
Miles Roberts said.
DS Smith agreed to sell the two businesses last November as part
of a deal with the EC to approve the Europac acquisition. It said
at the time that the impact of the disposals wouldn't be
material.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
April 17, 2019 02:32 ET (06:32 GMT)
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