CITIC Capital Japan-backed Tri-Wall acquires DS Smith unit
Tri-Wall, a Hong Kong-headquartered heavy-duty cardboard manufacturer backed by CITIC Capital Partners, has acquired the UK Tri-Wall unit of British packaging firm D.S. Smith.
The acquisition of D.S. Smith Tri-Wall UK/Europe, comprises of the Tri-Wall corrugating plant located in Monmouth and the Tri-Wall Europe sales office located in the Netherlands.
Tri-Wall moved its headquarters from Tokyo to Hong Kong in 2010 shortly after CITIC invested a reported $65.5 million in the company through its Japan buyout fund.
Tri-Wall UK/Europe has been a wholly-owned subsidiary of D.S. Smith since 1990, when US pulp and paper firm Weyerhaeuser divested its shares in all of the international Tri-Wall joint-ventures apart from the US operation. This was subsequently also divested to International Paper in 2008.
Due to EU anti-monopoly regulations, D.S. Smith was obliged to divest its Tri-Wall UK/Europe operations following its acquisition of Sweden's SCA Packaging earlier this year.
"The acquisition will allow the Tri-Wall Group to offer seamless, global service across Asia and Europe, and to more effectively pursue expansion plans in Eastern Europe, Russia, the Middle East, and even India," the company said in a statement.
Following the acquisition - which is still subject to final approval by the European Commission - the unit will be renamed Tri-Wall Europe.
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