DS Smith completes deal for majority of Interstate Resources shares Factory Suppliers Manufacturers Quotes

DS Smith completes deal for majority of Interstate Resources shares

DS Smith completes deal for majority of Interstate Resources shares

DS Smith completes deal for majority of Interstate Resources shares

DS Smith has completed a deal to buy 80% of the shares of Indevco Management Resources – the holding company for Interstate Resources, from Merpas.

The corrugated and carton packaging company operates 19 production sites with 1,500 employees. For the year ended 31 December 2016, Interstate Resources recorded revenues of $618m (£478).

DS Smith has paid $835m (£642m) in respect of cash consideration and repayment of IRI Group’s financial indebtedness.

Its interest in the East coast company was to both increase footprint in the US market and expand increase it’s global brand exposure.

Miles Roberts, DS Smith group chief executive, said: “We are delighted to complete the acquisition of Interstate. The response from employees and customers has been excellent and trading at Interstate in the calendar year to date is fully in line with our expectations at the time of the acquisition, which supports our confidence in this business. We look forward to working with all Interstate stakeholders and building a successful business in North America, as part of DS Smith’s overall growth strategy.”

Neemat Frem, Indevco group chief executive, added: “With DS Smith, we believe the opportunities created will take Interstate to its full potential. The values and expertise of our two groups ensure that our loyal and prospective customers receive the best service from Interstate. I extend my personal gratitude to the Interstate team for their continuous dedication and service, and I trust they will always deliver beyond expectation.”


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