Smurfit-Stone Container Corp. announced that the company has completed the previously announced transactions with Jefferson Smurfit Group, involving the exchange of SSCC’s European operations for JS Group’s 50 percent ownership in Smurfit-MBI and a payment from JS Group of about $190 million.
As a result, Smurfit-Stone now owns 100 percent of Smurfit-MBI, a Canadian packaging business, and ends its manufacturing presence in Europe. The $190 million cash proceeds will be used to reduce debt.
Patrick J. Moore, president and CEO of SSCC, said, “The completion of these transactions is an important step forward for Smurfit-Stone. Our customer and manufacturing base is now concentrated in North America, and we have unmatched capability to provide containerboard, corrugated containers, and consumer packaging throughout the US, Canada and Mexico. In addition, we gain an additional $190 million for debt reduction.”
Based in Mississauga, Ontario, Smurfit-MBI employs about 2,500 and operates 15 corrugated container plants in Canada.
The European operations include three paperboard mills, 20 packaging plants and five recycling facilities. In 2002, the European operations produced about 500,000 tons of containerboard and boxboard.Latest from Recycling Today
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