American packaging manufacturer International Paper announced on Monday that it has completed the acquisition of British DS Smith, the owner of the packaging plant in Belišće, fulfilling the conditions set by the European Commission by announcing the sale of facilities in France, Portugal, and Spain.
International Paper aims to expand its business in Europe and offered 5.8 billion pounds (7.2 billion dollars) for DS Smith at the beginning of last year, pushing British Mondi out of the race.
After the completion of the merger, DS Smith shareholders became owners of approximately 33.7 percent of the shares of the combined company, while International Paper shareholders hold the remaining 66.3 percent.
In April last year, International Paper indicated that merging with DS Smith could result in the elimination of around 400 jobs, but added that it would conduct a thorough analysis before any potential layoffs.
Last week, the European Commission approved the transaction on the condition that the American company sells three plants in France and one each in Portugal and Spain.
DS Smith operates in over 30 countries, and in Croatia, it owns the packaging plant in Belišće and is a co-owner of Kaplast from Vojnić and Unijapapir. Its clients include retail giants Amazon and Unilever.
At the beginning of December, they reported that they concluded the six-month period ending in October with lower revenue and profit due to weak demand and low prices.
