International Paper has announced that it has received shareholder approval for its acquisition of DS Smith.
This transaction, which was also approved by DS Smith shareholders earlier in the week, represents a major milestone in the merger of the two companies.
The merger is expected to be finalized by the end of the fourth quarter of 2024, subject to obtaining regulatory approvals and certain other customary conditions. "The overwhelming shareholder approval confirms the enthusiasm surrounding this merger," said Andy Silvernail, CEO of International Paper. He emphasized that this acquisition will create a global leader in sustainable packaging solutions, bringing significant benefits to employees, customers, and shareholders of both companies.
International Paper, based in Memphis, Tennessee, specializes in renewable fiber-based packaging and pulp products. With approximately 39,000 employees worldwide, the company reported net sales of $18.9 billion in 2023.
DS Smith is a British company specializing in the manufacture of sustainable packaging, primarily based on corrugated cardboard. Founded in 1940, it has established itself as a major player in the packaging sector in Europe and around the world. DS Smith offers innovative packaging solutions for a wide range of sectors, including food, retail, consumer goods, and industry.
