DS Smith to sell its office products wholesale business

DS Smith has received a binding offer for its European office products wholesale business Spicers from Spanish paper and board converter and distributor Unipapel S.A. Unipapel offered £200m (around €223.2m) to acquire the business, DS Smith reported. The packaging company said that the net cash proceeds would be used to reduce the group’s net indebtedness. In future, the proceeds would be available for reinvestment in the recycled packaging business, the company’s aim being to become the leading supplier of recycled packaging for consumer goods.