DS Smith sells Spicers to Unipapel for £200m

DS Smith has completed the previously announced disposal of its office products business – Spicers to Unipapel for £200m, in a bid to focus on its core packaging business.


Unipapel is based in Spain and produces office paper products. Its product portfolio includes paper bags, envelopes and stationary products, greeting cards and notebooks.

In a statement, DS Smith said that the enterprise value for Spicers is £200m, and net proceeds, after tax and related costs, are circa £160m. It added: “Following the disposal, the Group is focused on its recycled packaging businesses.”

Speaking last month to PN about possible future acquisitions, DS Smith chief executive Miles Roberts said that there were “a number of opportunities that we expect to come out of the continent [Europe] in the next 12 to 18 months. Any acquisition has to be in packaging, but if there is paper too then that’s OK”.

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