3rd Oct 2005 07:00
Smith (DS) PLC03 October 2005 3 October 2005 DS SMITH ACQUIRES TIMMERMANS TO EXTEND SPICERS' EUROPEAN NETWORK DS Smith Plc, the international packaging manufacturer and office productswholesaler, has acquired Timmermans NV, the largest office products wholesalerin the Benelux region of Europe. Timmermans had sales of €45m in 2004, netassets of €7.5m as at 31 December 2004 and employs 130 people. The businesssupplies 15,000 office products lines to dealers and retailers throughoutBelgium and Holland from its distribution centre at Deinze, near Ghent, inBelgium and through a sales office at Almere in Holland. Its previous owners,Michel and Patrick Timmermans, will remain in the business and continue to leadit. The acquisition of Timmermans extends the continental European sales coverage ofDS Smith's Spicers business, which has an existing network of 21 distributioncentres in the UK, Ireland, France, Germany, Spain and Italy. The enlargedbusiness will have sales of over £530 million per annum. This acquisition willfurther strengthen Spicers' pan-European buying capability, which enables it toprovide its customers with a broad range of competitively priced merchandise.Spicers' product range includes traditional stationery lines, electronic officesupplies, office furniture, janitorial supplies and office catering and vendingprovisions. Tony Thorne, Chief Executive of DS Smith said: "I am pleased that we have been able to add the well-established Timmermansbusiness to Spicers' European network. This acquisition further developsSpicers' position as the leading European wholesaler of office products byextending our presence into the Belgian and Dutch markets. For DS Smith, thetransaction will be immediately earnings enhancing and is expected to producereturns above the Group's cost of capital." EnquiriesDS Smith Plc 020 7932 5000Tony Thorne, Group Chief ExecutiveGavin Morris, Group Finance DirectorPeter Aubusson, Group Communications Manager Financial Dynamics 020 7269 7291Richard Mountain/Robert Gurner This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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