Packaging on the move with Smurfit

The Smurfit-Stone Container company has signed a letter of intention with Jefferson Smurfit to swap its European activities for 50% of Smurfit-MBI, a Canadian packaging company. As a result of that deal, Smurfit-Stone Container will lose all its European activities and will own100% of Smurfit-MBI, which is the No. 2 Canadian manufacturer of corrugated paperboard boxes with 15 mills, 2500 employees and an annual revenue of approximately $430 million. In 2002, Smurfit-MBI's European operations generated $630 million.