DS Smith acquires Grupo Andopack, Spain

DS Smith is pleased to announce the acquisition of Andopack, a Spanish corrugated board producer. Andopack is a very well-invested and growing business with good access to both Barcelona and Madrid.

The acquisition gives the Group a direct market position in Spain, allowing us to meet demands from our pan-European customers to have a presence in this important market. Andopack will provide cost and cash saving opportunities and an excellent platform for growth as we leverage our scale, innovation and customer relationships.

The total consideration, including the assumption of debt, is expected to be circa £35m, subject to closing adjustments, representing a post synergy multiple of between 5.0 and 6.0x EBITDA. The transaction is being financed from existing cash resources and is expected to deliver a return on invested capital above our cost of capital in the second year of ownership.

Miles Roberts, Chief Executive of DS Smith said: “The acquisition of Andopack in Spain is an exciting development for DS Smith as we continue to strengthen our pan-European customer offering. Andopack has high quality assets and we look forward to growing it further as we expand in this attractive market.”


DS Smith Plc                                                                                       +44 (0)20 7756 1800
Hugo Fisher, Group Communications Director
Rachel Stevens, Investor Relations Manager

Bell Pottinger                                                                                            
Ben Woodford                                                                                    +44 (0)20 3772 2566

Notes to editors

  1. DS Smith is a leading provider of corrugated packaging in Europe and of specialist plastic packaging worldwide, operating across 25 countries and employing 20,000 people. Our vision is to become the leader in recycled packaging for consumer goods through offering great service, quality, innovation and environmental solutions to our customers. For more information, visit

  2. As the largest fibre recycler in Europe DS Smith recovers circa 5.4 million tonnes of paper and packaging annually for recycling. Recovered packaging (and other fibre grades) provide the raw materials used in production by the group’s paper making operations. DS Smith operates 14 of its own recycling facilities and has an established network of over 500 compliant partners.

  3. DS Smith is committed to following the waste hierarchy and delivering zero waste. It works with its customers to find the most suitable solutions to reduce waste and recover high quality materials in the most efficient manner.