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British packager DS Smith says to buy Austria's Duropack

Reuters - UK Focus

Feb 23 (Reuters) - DS Smith (Other OTC: DITHF - news) , a maker of corrugated, recycled paper and plastic packaging, said it agreed to buy Vienna-based packaging business Duropack for about 300 million euros ($340.6 million) from a subsidiary of One Equity Partners.

DS Smith, whose customers include Procter & Gamble Co , Nestle SA and Unilever Plc (NYSE: UL - news) , said the acquisition would be financed from existing debt facilities and immediately add to earnings per share.

DS Smith said it expected the acquisition, which is subject to competition clearance, to be completed in the second quarter. ($1 = 0.8808 euros) (Reporting by Aashika Jain in Bengaluru; Editing by Anupama Dwivedi)