International paper announces that it has agreed to acquire two packaging businesses from D. S. Smith, located in Portugal (Ovar) and France (Torigni and Cabourg) for 63 million euros (71 million dollars). The closing of the acquisition is subject to customary conditions, which include regulatory approvals and consultation with the works council in France, which is expected to take place over the next six months. This transaction is related to the requirements of the European Commission for the authorization of the acquisition of Europac by DS Smith earlier this year.
"The corrugated cardboard packaging is a key business for International Paper and the Ovar, Torigni and Cabourg plants will complement our network of corrugated cardboard plants on the Iberian Peninsula and western France ”, says Eric Chartrain, Managing Director of International's corrugated cardboard packaging business Paper in Europe, the Middle East and Africa (EMEA). And he adds that: "This acquisition further expands our capabilities and allows us to serve customers more effectively through innovative and customized packaging solutions, as well as creating additional integration value with our recycled paper plant in Madrid" .
