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Thu, Mar 28, 2024 15:52
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Management Side
DS Smith completes acquisition of Interstate Resource

ARLINGTON, Va. -- DS Smith announced that it has completed the acquisition of 80 percent of the shares of Interstate Management Resources, Inc. (Interstate) from Indevco.

DS Smith has paid $835 million (approximately GBP 642 million) in respect of cash consideration and repayment of IRI Group's financial indebtedness.

Miles Roberts, Group Chief Executive, commented: "We are delighted to complete the acquisition of Interstate. The response from employees and customers has been excellent and trading at Interstate in the calendar year to date is fully in line with our expectations at the time of the acquisition, which supports our confidence in this business. We look forward to working with all Interstate stakeholders and building a successful business in North America, as part of DS Smith's overall growth strategy."

Interstate is a family-owned integrated packaging and paper producer concentrated on the East Coast of the United States, operating from 19 production sites and having approximately 1,500 employees. Interstate operates across the entire packaging chain including wood procurement, paper manufacturing, design, packaging manufacturing and customer logistics.

DS Smith believes that the acquisition represents a compelling and attractive opportunity for DS Smith to expand its international fibre-based packaging footprint in the US market with a well-established, high quality and reputable independent group with an experienced management team. The acquisition also provides a clear opportunity for DS Smith to further differentiate itself with customers and provides security and cost benefits in relation to fibre and paper supply.

DS Smith plans to build upon Interstate's well-invested operational asset base, technology and distribution network in the Eastern United States to support Interstate's existing customers and DS Smith's multi-national customers, many of whom have operations in the US, enhance DS Smith's customer relationships, increase DS Smith's global brand exposure and provide a long term growth opportunity. DS Smith will draw upon its experience in previous integrations to realise the combined strength of Interstate and DS Smith.

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