Smurfit Kappa sells €42m worth of assets
Dublin-based Smurfit Kappa, which has a market capitalisation of around €6.5bn, has agreed a deal to sell off a tranche of its foreign assets for €42m.
The Aurelius Group is picking up the solid board and graphic board operations of the Irish corrugated packaging company that are located in the Netherlands, Belgium and the UK.
The operation, which has around 830 employees, delivered revenues of over €240m and EBITDA of €14m in 2014.
Aurelius, which owns more than 60 companies, said the transaction fits clearly into its experience in "complex corporate carve-out situations and the acquisition of businesses with scope for operational improvement".
Last week Smurfit Kappa announced it had agreed to shell out €60m for UK-based corrugated packaging company Inspirepac. The deal is expected to close between April and June and the Irish company reckons it will add to its bottom line immediately.