Smurfit-Stone Container acquisition final.
Jefferson Smurfit Group (JSG), Dublin, Ireland, has completed the acquisition of Smurfit-Stone Container Corporation's (SSCC's) European packaging assets. JSG completed the exchange of its 50% ownership in Smurfit MBI and consideration of approximately EUR 185 million (US$ 202 million) for SSCC's assets. JSG has acquired three paperboard mills, 20 converting facilities, and five recycling facilities in Europe. These facilities comprise approximate production capacity of 450,000 metric tons of containerboard and boxboard and 675,000 metric tons of corrugated. In 2002, these operations had combined sales of EUR 640 million (US$ 698 million). Smurfit-MBI has 15 facilities in Canada and annual production capacity of 450,000 tons of corrugated. Smurfit MBI's sales in 2002 were EUR 470 million (US$ 523 million). Consideration for the transaction was financed by US$ 205 million of 9.625% senior notes due 2012.