DS Smith Bulgaria AD (Bulgaria)

DS Smith Bulgaria, based in the southern town of Pazardzhik, is one of the leading producers of papers for corrugated board and packages in Bulgaria. It specializes in the manufacture of 3- and 5-layer transportation packaging, 2-, 3- and 5-layer corrugated board and multi layer paper for corrugated boards. The company annually produces around 80,000 t paper and more than 200,000 thousand sq.m corrugated board and packaging. The local firm is part of UK-based corrugated packaging company DS Smith and in Bulgaria it operates production facilities in the towns of Pazardzhik and Razgrad.
A 25% stake in the company was offered for voucher privatisation under Bulgaria's mass sell-off programme in 1996-97. In May 1998, Bulgaria's Privatisation Agency sold 55% of Trakia Papir, now DS Smith Bulgaria, to local paper product trader Gehard for USD 7.77 million. The majority owner gradually increased its stake to 95.22% of the equity. In May 2003, Gehard sold its stake in the company to two off-shore registered companies. In December 2005, a 95.5% stake in the company changed hands on the local stock exchange at the price of EUR 40.3 million. Later in the month, two Austrian investors - Duropack and Schneider & Schneider Rechtsanwalte OEG - acquired 47.61% stake each in DS Smith Bulgaria for an undisclosed price. In December 2006, Duropack AG raised its stake in the Bulgarian company to 90.25% and as of year 2011 the stake was 99.7%.