Packaging Services Inc. is now known as DS Smith following the closing of a transaction in which DS Smith PLC purchased 80 percent of Indevco Management Resources Inc.
Indevco is the company that holds equity in Interstate Resources Inc., among other companies. Interstate Resources Inc.’s holdings included PSI, which is located at 120 T. Elmer Cox Drive, in Greeneville.
“They’ll go through a total name change,” Greene County Partnership President & CEO Matt Garland said. He indicated that the company has been enthusiastic about the transition.
Voicemails to PSI General Manager Bruce Korman about the transition and any changes it may bring to the local industry have not been returned.
According to a news release about the transaction, DS Smith is a leading provider of corrugated packaging in Europe and of specialized plastic packaging globally, including a leading flexible packaging business headquartered near Chicago.
The company is headquartered in London, UK, operates across 37 countries and employs around 26,000 people, the release says. Its product portfolio includes consumer, display, promotional, customized protective, industrial and transit packaging.
DS Smith was founded in 1940 and has “a long track record of organic growth and successful investment,” the release adds.
DS Smith is publicly listed and traded on the London Stock Exchange with a current market capitalization of about $7 billion, the release says.
“We are delighted to complete the acquisition of Interstate,” DS Smith CEO Miles Roberts said in the release. “The response from employees and customers has been excellent, which supports our confidence in this business. We look forward to working with all Interstate stakeholders and building a successful business in North America, as part of DS Smith’s overall growth strategy.”
For further information on DS Smith visit www.dssmith.com.