Smurfit Kappa raises €660.0m to accelerate investments
Packaging solutions group Smurfit Kappa has raised roughly €660.0m as part of an effort to accelerate investments and capitalise on trends towards e-commerce and sustainable packaging.
Smurfit said it had identified between €1.2-1.4bn of investment opportunities to boost the group's competitive advantage, leading it to launch pre-emptive placing of 19.41m new ordinary shares in the group.
The FTSE 250-listed firm's placing Shares represent approximately 8.1% of its issued share capital immediately prior to the placing.
Chief executive Tony Smurfit said: "The continued development of e‑commerce and the increasing demand for sustainable, paper-based packaging are presenting opportunities for Smurfit Kappa.
"Accelerated investment, at this time, will allow us to increase our competitive advantage, align us with the sustainability goals of our customers and enhance our operational efficiency."
As of 0855 GMT, Smurfit Kappa shares were down 2.73% at 3,134.0p.