2008-05-15 Manufacturing News

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Constantia Packaging AG acquires remaining interest in Duropack AG

With the acquisition of the minority interest formerly held by Smurfit Kappa AG, Constantia Packaging AG will become Duropack AG’s sole shareholder.

The Ireland-based Jefferson Smurift Group has owned the 40% stake in Duropack AG ever since it acquired Interwell AG, while Constantia Packaging AG owned the remaining 60%. When the Jefferson Smurfit Group merged with Kappa Packaging AB, the two owners of Duropack AG increasingly began competing directly against one another in Eastern and Southeastern Europe.

The boards of both Groups therefore decided to unwind the joint ownership in the interests of all shareholders. Constantia Packaging AG recently negotiated the acquisition of the 40% minority interest with the Smurfit Kappa Group, with the acquisition price set at €55 million. The transaction is expected to close soon, since it does not require extensive due diligence or raise antitrust issues.

Smurfit Kappa Group is one of the largest paper-based packaging companies worldwide. In 2007, the company generated more than €7 billion in sales in 30 countries, with more than 44,000 employees.

Duropack AG is a leading producer of corrugated board in the CEE region. In 2007, the company’s sales volume amounted to 644 million sq. meters of corrugated board, and 153,444 metric tons of base paper. The company generated sales of €327.7 million, with 2,520 employees.

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