Smurfit Kappa sold eight of its production facilities to pan-European investor Aurelius. The sale was in line with the packaging company’s stated determination to focus on its core business and maximize long-term returns for shareholders.
The facilities have net assets amounting to 42 million euros ($46 million) and consist of two graphic board mills, four converting sites and an integrated solid board operation with two mills. The operations employ approximately 830 workers and had revenues of more than 240 million euros last year.
Aurelius said in a statement that it will work to strengthen the units’ sales by developing new products and introducing them to the market.
Earlier this month, Smurfit Kappa acquired English printing firm Inspirepac in a 60 million euro deal. The packaging company said the deal with the print business would deliver cost savings of 1.6 million euros.