Smurfit Kappa Group plc (SKG) announces that it has signed an asset swap agreement with Germany- Mondi Group, an integrated packaging and business paper producer. Under the arrangement, SKG will acquire Mondi’s corrugated operations in the United Kingdom, while Mondi will acquire SKG’s Western European sack converting operations.
Mondi’s UK corrugated operations include three corrugated box plants. The three facilities reported a combined 2009 full year earnings before interest, tax, depreciation and amortization (EBITDA) of£7.1 million (US$11 million).
In return, SKG is disposing of its Western European sack converting operations, comprising four plants in France, three in Spain, and one in Italy, as well as a number of sales offices.
“We are pleased to announce this asset swap agreement, which further strengthens the Group’s leadership in its core corrugated packaging grade, and enhances the efficiency of its integrated system in the increasingly attractive UK market,” says Gary McGann, SKG’s CEO.
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