28 May 2010
DS Smith to Sell its Corrugated Packaging Operation in Turkey
DS Smith Plc (SMDS), the international packaging supplier and office products wholesaler, has today agreed to sell DS Smith Copikas, its corrugated packaging operation in Turkey, to Olmuksa International Paper-Sabanci Ambalaj Sanayi Ve Ticaret A.S. for a cash consideration of £4.7m, payable on completion.
The disposal is conditional upon approval by the Turkish Competition Board; it is anticipated that this will take around 6 weeks. In the year ended 30 April 2009 DS Smith Copikas's loss before tax was £(8.3)m. Its gross assets at 31 October 2009 were £13.2m, with net assets of £0.5m.
The disposal confirms DS Smith's focus on growing core businesses of scale within its portfolio. DS Smith intends to use the net proceeds from the sale to repay debt.
DS Smith Plc 01628 583 400
Steve Dryden, Group Finance Director
This information is provided by RNS