International Paper (IP) has completed the acquisition of packaging solutions manufacturer DS Smith. The combination of companies is expected to achieve synergies of minimum $514 million (£416.1 million), said International Paper.
The combined companies have now created the world’s leading sustainable packaging company, according to Andrew Silvernail, chairman and CEO of International Paper. They will bring together the best of both to accelerate growth, improve profitability and serve customers all over the world from operations in more than 30 countries, offering an ‘unparalleled’ suite of sustainable packaging products and services, added Mr Silvernail.
International Paper said that, as a result of the acquisition, it will now be able to provide stronger customer experience; more innovation, creating ‘ground-breaking’ sustainable packaging solutions; and stronger sustainability for its customers.
Pursuant to the acquisition, IP will issue 0.1285 of new shares of common stock for each ordinary share of DS Smith, resulting in the issuance of approximately 179,847,780 new shares of IP common stock.
It is expected that on 4 February 2025, the new shares of IP common stock will begin trading on the New York Stock Exchange under the symbol ‘IP,’ and shares of IP common stock, including the shares of new IP common stock, will begin trading on the London Stock Exchange via a secondary listing under the symbol ‘IPC.’
The announcement of this ‘Combination’ deal was first reported by reported by FlexoTech on 17 April 2024.
