+0.19Completion of acquisition of Grupo Lantero’s corrugated business
DS Smith Plc (“DS Smith”), the leading provider of recycled corrugated packaging in Europe, is pleased to announce the completion of the acquisition of the corrugated activities of Grupo Lantero (“the acquisition”) on Friday 31 July, for approximately €190m (c.£135m), following receipt of competition authority clearance.
The business is a well-invested Iberian corrugated producer with a strong focus in the FMCG sector, operating seven sites across Spain. This acquisition significantly strengthens our operations in Spain, an important and growing market for corrugated packaging, taking our market share to approximately 10%. It also builds on our recent acquisition of Andopack in calendar Q4 2014, where we have seen a very positive customer reaction to our product and service offering.
Miles Roberts, Chief Executive of DS Smith said:
“We are delighted to announce the completion of the acquisition of the corrugated activities of Grupo Lantero. It is a high quality business that we have known and partnered with for a number of years and significantly increases our offering to Pan-European customers in this large and growing market. It is a further important step in our strategy to leverage our scale and strengthen our geographic footprint and we look forward to working with Grupo Lantero stakeholders and contributing to the overall growth of DS Smith.”
Enric Holzbacher, Chief Executive of Grupo Lantero added:
“We are very pleased to complete the handover of our corrugated packaging business to our partner DS Smith. We are convinced that DS Smith has a strong alignment within the FMCG sector and will further develop our well established customer relationships. Grupo Lantero has decided to strategically focus its activities on its multinational rigid and flexible plastic divisions: Coexpan and Emsur.”