Smith (DS) PLC Disposal (5288D)
February 20 2020 - 1:00AM
UK Regulatory
TIDMSMDS
RNS Number : 5288D
Smith (DS) PLC
20 February 2020
20 February 2020
DS Smith Plc - Sale of Plastics Division Update
Sale of Plastics division
DS Smith is pleased to announce that the U.S. Department of
Justice has entered into a consent decree clearing the way for the
completion of Olympus Partners and its affiliate Liqui-Box
Holdings' pending acquisition of DS Smith's Plastics division. The
consent decree is now subject to the required U.S. federal court
ratification, which is the final part of that process and we expect
the transaction to complete promptly thereafter.
The sale represents an important step in DS Smith's continued
progress as a leader in sustainable packaging with a clear focus on
our fibre-based business.
We expect net cash proceeds of approximately GBP400 million,
after taxation, transaction adjustments and expenses, which will be
used to reduce financial gearing in line with our medium-term
target of net debt / EBITDA at or below 2.0x.
Enquiries
DS Smith Plc +44 (0)20 7756 1800
Investors
Hugo Fisher, Group Investor Relations Director
Rachel Stevens, Investor Relations Director
Media
Greg Dawson, Group Corporate Affairs Director
Brunswick +44 (0)20 7404 5959
Dan Roberts
Cautionary statement
This announcement contains certain forward-looking statements
with respect to the operations, performance and financial condition
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this announcement and DS
Smith plc undertakes no obligation to update these forward-looking
statements. Nothing in this trading statement should be construed
as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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