London (GC Intelligence) — DS Smith announced on 6 March that it has agreed to sell its plastics division to private equity company Olympus Partners.
The value of the deal was reported to be $585m.
The plastic division included flexible plastics, rigid plastics and foam products.
DS Smith is a British-based company and a major international packaging company.
The company’s plastic division also includes the production of polycarbonate sheets.
The transaction is subject to regulatory approvals and is expected to be concluded in the second half of 2019.
Olympus partners is a private equity firm founded in 1988 and is based in Stamford (CT), United States.
The company’s industrial and packaging portfolio include Liqui-Box, a player in the bag-in-box industry, and Snyder Industries, a designer and manufacturer of custom-engineered bulk containers.