Jefferson Smurfit Group has sold its French waste paper subsidiary, CDI, to the German group, Interseroh, for £25 million. The sale will be modestly enhancing, according to Smurfit.
CDI is mainly involved in the collection and sale of highgrade waste paper in the French market. The bulk of its business is in white paper while the waste paper used in Smurfit's mills in France is mainly derived from corrugated cases and mixed waste materials.
Smurfit France chief executive, Mr Tony Smurfit, said Interseroh already supplied Smurfit mills in Germany and had committed to a long-term supply agreement of raw materials for Smurfit mills in France. "This disposal demonstrates that we are continuing to focus on our core business of paper and paperbased packaging when acceptable value is achieved for our shareholders," said Mr Smurfit.
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