6th June 2018
Smurfit Kappa Group plc notes the announcement by International Paper Company that it does not intend to make an offer for Smurfit Kappa and that it is now bound by the restrictions under Rule 2.8 of the Irish Takeover Rules.
The Board believes that SKG has superior prospects as a standalone business and remains excited about the Group's prospects in the short, medium and long-term. The Group is implementing its medium term plan which will enhance its operating platform for sustained growth and deliver superior performance against all operating and financial measures.
Smurfit Kappa Group CEO, Tony Smurfit, added:
“We continue to see the benefits from our investments in recent years and we are now executing a central element of our Medium Term Plan with the acquisition of Reparenco. The acquisition of Reparenco will have a positive impact on our integrated model and we are targeting delivery in excess of €30 million of synergy benefits. Strong business conditions and a positive operating environment together with significant and early progress against our Medium Term Plan reaffirms our confidence that 2018 EBITDA will be materially better than 2017.
We expect the second quarter to represent another strong performance and we will provide a further update at the time of our half year results on August 1st.”