SMURFIT KAPPA: Acquisition
28 Juillet 2021 - 8:00AM
UK Regulatory
TIDMSKG TIDMSK3
28th July 2021
Smurfit Kappa agrees to acquire state of the art 600,000 tonne
recycled containerboard mill
-- Strengthens SKG's integrated operating model
-- Provides additional security of supply for customers
-- Supports the Group's sustainability ambitions
-- Complements significant corrugated growth opportunities including
sustainable packaging
Smurfit Kappa Group plc ("SKG" or the "Group") agrees to acquire
Verzuolo, a containerboard business in Northern Italy, for a cash
consideration of EUR360 million. The Verzuolo mill owned by the
Burgo Group, is situated close to the port of Savona in the
northwest of Italy. The PM9 machine was newly constructed in 2002
and converted into a 600,000 tonne capacity recycled containerboard
machine in 2019.
Verzuolo is highly complementary to SKG's existing business and
is strategically positioned to serve both the Southern European
region and other markets ensuring we continue to provide the best
service to our corrugated customers. The acquisition will deliver
significant synergistic benefits including technical and production
optimisation, and increased containerboard integration within the
Group.
The cash consideration will be funded from the Group's existing
resources. It is expected that the acquisition will complete during
the fourth quarter, subject to customary closing conditions
including regulatory approval.
Transaction Highlights
-- SKG has agreed to acquire a state of the art, strategically located
recycled containerboard facility
-- World-class recycled containerboard mill with 600,000 tonne capacity
-- Provides additional security of supply for SKG's customer base
-- Immediately earnings accretive
-- Strengthens Smurfit Kappa's integrated operating model
-- Optimally located for SKG's Southern European corrugated facilities
Smurfit Kappa Group CEO, Tony Smurfit, commented: 'We welcome
the highly experienced Verzuolo team to the Smurfit Kappa Group as
we continue to strengthen the world's leading paper-based packaging
group. Consistent with our multi-stakeholder approach, we believe
that this acquisition represents another positive step for the
Group, our customers and all shareholders. SKG has a proven ability
to identify, acquire, integrate and optimise complementary
businesses. This acquisition also reflects the inherent agility of
our approach to deploying capital rapidly and effectively.'
Smurfit Kappa Europe CEO, Saverio Mayer, concluded: 'SK Europe
is delighted to announce our agreement to acquire Verzuolo. It is a
business that we had identified and have admired for some time. The
acquisition demonstrates our commitment to this important market
for the Group and provides additional security of supply for our
customer base. It strengthens the Group's unique integrated
operating model and is highly complementary to the significant
investments we are making in our corrugated facilities.'
ENDS
Media contact:
Nicki Labram
Smurfit Kappa
T: +353 87 164 4672
E: nicki.labram@smurfitkappa.com
About Smurfit Kappa
Smurfit Kappa, a FTSE 100 company, is one of the leading
providers of paper-based packaging solutions in the world, with
approximately 46,000 employees in over 350 production sites across
36 countries and with revenue of EUR8.5 billion in 2020. We are
located in 23 countries in Europe, and 13 in the Americas. We are
the only large-scale pan-regional player in Latin America. Our
products, which are 100% renewable and produced sustainably,
improve the environmental footprint of our customers.
With our proactive team, we relentlessly use our extensive
experience and expertise, supported by our scale, to open up
opportunities for our customers. We collaborate with
forward-thinking customers by sharing superior product knowledge,
market understanding and insights in packaging trends to ensure
business success in their markets. We have an unrivalled portfolio
of paper-based packaging solutions, which is constantly updated
with our market-leading innovations. This is enhanced through the
benefits of our integration, with optimal paper design, logistics,
timeliness of service, and our packaging plants sourcing most of
their raw materials from our own paper mills.
We have a proud tradition supporting social, environmental and
community initiatives in the countries where we operate. Through
these projects we support the UN Sustainable Development Goals,
focusing on where we believe we can have the greatest impact.
Follow us on LinkedIn, Twitter, Facebook, YouTube.
smurfitkappa.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210727006226/en/
CONTACT:
Smurfit Kappa Group PLC
SOURCE: Smurfit Kappa Group PLC
Copyright Business Wire 2021
(END) Dow Jones Newswires
July 28, 2021 02:00 ET (06:00 GMT)
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