Further to the announcement of 20 February 2020, DS Smith confirms that completion of the sale of DS Smith’s Plastics division to Olympus Partners and its affiliate Liqui-Box Holdings has now taken place. The net cash proceeds of approximately £400 million, after taxation, transaction adjustments and expenses, will be used to reduce financial gearing in line with their medium-term target of net debt / EBITDA at or below 2.0x.
Miles Roberts, Group Chief Executive, said, “We are delighted to have completed the sale of our Plastics division. The transaction is attractive, both financially and strategically, for DS Smith as we reinforce our position as a leader in sustainable fibre-based packaging. I would like to thank our Plastics colleagues for all their hard work and wish them all the best with Olympus and Liqui-Box.