Daily Mail

Packager sells its plastics division

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BOX maker DS Smith is selling its plastics division for £450m as part of its strategy to be more environmen­tally-friendly.

It makes products such as nozzles and bags used in boxes of wine, packaging foam and plastic crates and said the sale would shift it towards more sustainabl­e products and cut debts.

News of a deal with private equity firm Olympus Partners saw shares rise more than 5pc.

Miles Roberts, DS Smith chief executive, said: ‘The transactio­n is attractive financiall­y and strategica­lly as we reinforce our position as a leader in sustainabl­e packaging with a clear focus on our fibre-based business.’

It is the latest company to try to cut its exposure to plastics blamed for polluting the environmen­t, an issue the Mail has campaigned to raise awareness about for a decade.

In a trading update, DS Smith separately said it had completed its £1.6bn takeover of Spanish rival Europac in January and described trading over the Christmas period as strong.

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