Slaughter and May is advising DS Smith on the UK aspects of the disposal of its plastics division to Olympus Partners

Slaughter and May is advising DS Smith plc, a leading international packaging business, on the UK aspects of the disposal of its plastics division to Olympus Partners for an enterprise value of $585 million (approximately £450 million).

The Plastics division comprises the plastics operations of DS Smith, including flexible plastics, rigid plastics and foam products. Gross assets of the business as at 31 October 2018 were £223 million and profit before tax for the 12 month period to 31 October 2018 was £28 million. This sale represents an important step in DS Smith's continued progress as a leader in sustainable packaging. The transaction is subject to customary closing conditions including regulatory approvals, with completion expected to take place in H2 2019.

Sullivan & Cromwell is advising DS Smith in the US.