Smurfit Kappa could spend up to EUR 1bn on acquisitions
Smurfit Kappa [LON:SKG] chief executive Tony Smurfit said the Irish packaging group could spend up to EUR 1bn (USD 1.10bn) on acquisitions, The Irish Times reported. The CEO, speaking on Friday, 5 May as Smurfit reported its 1Q17 results, said the company has leeway to spend EUR 1bn without substantially impacting its debt covenants.
There are lots of smaller potential deals and possibly a couple of bigger ones in the Americas and Europe, Smurfit added.
The Irish Independent also quoted Tony Smurfit, who said that the company is looking at a few more potential deals than was previously the case. Most of the deals are bolt-on acquisitions, although a couple of them could be “significant,” the CEO added.
Smurfit Kappa reported 1Q17 earnings before interest, tax, depreciation and amortisation of EUR 278m, a 1.1% decrease year-on-year.