DS Smith seals £450m sale of plastics division
The FTSE 100-listed group said it is set to make £400 million in net proceeds from the sale to private equity firm Olympus Partners. Box maker DS Smith has agreed to sell its plastics division in a deal worth 585 million US dollars (£450 million) as it looks to cut debt and refocus on sustainable packaging. DS Smith said in December it was looking at options for its plastics division, including a potential sale. Miles Roberts, group chief executive of DS Smith, said: “The transaction is attractive both financially and strategically for DS Smith as, together with the acquisition of Europac, we reinforce our position as a leader in sustainable packaging with a clear focus on our fibre-based business.”.