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DS Smith buys Spanish corrugated board producer Andopack

Reuters - UK Focus

Nov 6 (Reuters) - British packaging provider DS Smith Plc (Other OTC: DITHF - news) said it has acquired Spanish corrugated board producer Andopack as it looks to strengthen its position in Spain and cash in on Andopack's reach in Barcelona and Madrid.

The total cost of acquiring Andopack was about 35 million pounds ($56 million), including assumption of debt, the supplier of recycled packaging for consumer goods said.

DS Smith, which is financing the buy through internal resources, expects the acquisition to deliver a return on invested capital in the second year of ownership.

(1 US dollar = 0.6254 British pound) (Reporting by Aashika Jain in BANGALORE; Editing by Biju Dwarakanath)