Brussels, Belgium, April 17, 2019 - International Paper is pleased to announce that the company agreed to acquire two packaging businesses located in Portugal (Ovar) and France (Torigni and Cabourg) from DS Smith for €63 million (USD 71 million). Completion of the acquisition is subject to customary closing conditions, including regulatory approvals as well as works council consultation in France, and is expected during the next six months. This transaction is related to the European Commission’s requirements for clearance of DS Smith’s acquisition of Europac earlier this year.
“Corrugated packaging is a core business for International Paper, and the Ovar, Torigni and Cabourg sites will complement our existing box plant network in the Iberian Peninsula as well as Western France”, said Eric Chartrain, General Manager of International Paper’s corrugated packaging business in Europe, the Middle East & Africa (EMEA). “This acquisition further expands our capabilities and allows us to more effectively serve customers with innovative and tailored packaging solutions while creating additional integration value with our Madrid recycled containerboard mill.”
Read the full news release here.