Contract to acquire 5 corrugated box plants from International Paper

The plants are as follows:

• Corrugated box plant Saint-Amand (north-west of France/Normandy)
• Corrugated box plant Mortagne (north-west of France/Normandy)
• Sheet plant Cabourg (north-west of France/Normandy)
• Corrugated box plant Bilbao (north-west of Spain/Basque region)
• Corrugated box plant Ovar (north of Portugal near Porto)

IP agreed to the divestment of these 5 plants as a condition of the European Commission’s clearance of IP’s acquisition of DS Smith on January 31, 2025.

The acquisition of the 5 plants from IP is subject to the approval of the European Commission and the French antitrust authorities. Furthermore, the required French works council consultations and employee information processes need to be completed by IP. We expect the closing by the end of the second quarter of 2025.

With the potential acquisition of the 5 corrugated box plants, PALM can further expand its geographical presence in Western Europe. In the future, we will be able to serve our customers with high-quality corrugated packaging also in Normandy, Spain and Portugal. We strive to be a trusted partner for our customers, offering highest product quality, reliable service and sustainable production processes.

After closing, we look forward to shaping the future of PALM together with the entire workforce of the 5 corrugated box plants!