DS Smith PLC (LON:SMDS) has reached an agreement for the proposed sale of two packaging businesses in North Western France and Portugal to International Paper Co. (NYSE:IP) for €63mln (around £54mln).
The FTSE 100-listed firm said the sales would fulfil the commitment made to the European Commission in relation to the clearance of its acquisition of Europac, which completed on 22 January 2019.
READ: DS Smith sells plastics arm for US$585mln as online shopping surge boosts cardboard box demand
It added that completion of the sales is subject to customary closing conditions, including works council consultation and regulatory approvals and is expected to take place in the first half of its full-year 2019/2020 fiscal year.
Miles Roberts, DS Smith’s group chief executive said: "I am delighted that we are on track to meet our commitment to the European Commission with both an attractive price and a good home for the businesses in International Paper."
In early morning trading, shares in DS Smith were 0.7% higher at 354.90p.