DS Smith enters into binding agreement for sale of its European office products business Spicers to Unipapel for £200M, completion expected before Dec. 3

Kendall Sinclair

MAIDENHEAD, England , September 8, 2011 (press release) – Following the announcement made on 6 July 2011, that DS Smith had received a binding offer for Spicers from Unipapel S.A, DS Smith today announces that it has entered into a binding legal agreement with Unipapel S.A. in respect of the sale by DS Smith of its European office products wholesaling business ("Spicers") for an enterprise value of £200 million. This sale is expected to be completed on or before 31 December 2011. The agreement is subject to certain conditions, including anti-trust approval, and completion price adjustments.

Accordingly, Spicers will be treated as a discontinued business for DS Smith in the financial year 2011/12. Upon completion, DS Smith will be a focused, international supplier of recycled packaging for FMCG customers with the financial strength to invest in the organic growth of the business and to pursue acquisitions within a fragmented packaging sector, on a disciplined basis.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.