DS Smith completes sale of businesses in France and Portugal

DS Smith announced on Friday that, following the fulfilment of all closing conditions, the sale of two packaging businesses in north west France and Portugal to US company International Paper for €63m (£56m) was completed on 28 June.

The FTSE 100 company said the sale fulfilled the commitment made the company had made to the European Commission in relation to the clearance of its acquisition of Papeles y Cartones de Europa, known as Europac.

That acquisition was completed on 22 January.

“We are delighted to have completed this transaction, which ensures that the business and colleagues have found a good home at an attractive price for the business,” said DS Smith group chief executive Miles Roberts.

“The integration of Europac is progressing well and we are very pleased with the quality of our customer offering in the region.”