Smurfit Kappa GrpPLC Statement re Venezuela
29 August 2018 - 11:30PM
UK Regulatory
TIDMSKG
Smurfit Kappa Group plc
SKG.I SKG.L
Dublin & London | 29 August, 2018: Smurfit Kappa Group plc
('SKG' or the 'Group') confirms that the Government of Venezuela
has taken temporary control of Smurfit Kappa Carton de Venezuela's
('SKCV', the 'Company') business in Venezuela for a period of 90
days.
SKCV has been providing goods and services to its customers in
Venezuela for almost 80 years giving employment today to almost
1,600 direct employees and many more indirectly. During that time
the Company has operated to the highest business and ethical
standards, invested significant amounts of capital in its business,
developed a highly progressive Corporate Social Responsibility
program and dedicated significant financial support and resources
to the education and health of the less privileged members of the
communities in which the Company operates. Nine of the ten Company
unions last week confirmed their support and desire to continue
working with SKCV as a result of our good labour practices and
compliance with local laws and regulations.
As a result of this action by the Government of Venezuela it is
impossible for SKCV to manage its affairs in a way that complies
with our normal business standards. Consequently, as of 28 August
2018, SKCV is not responsible for the use of its installations,
machinery and equipment, its employees' safety, that of its
surrounding communities, any environmental impact, or the quality
of the paper and packaging manufactured in the operations.
In addition, the Government of Venezuela has detained two of our
employees and we are making all possible efforts to secure their
release.
SKG's clear desire has been, and is, to continue operating a
viable, sustainable and environmentally responsible business in
Venezuela giving secure employment. In the event that the announced
action continues, Smurfit Kappa Group is fully committed to
protecting the interests of its stakeholders.
ENDS
Contact
Garrett Quinn FTI Consulting T: +353 1 7650886
Smurfit Kappa E: smurfitkappa@fticonsulting.com
T: +353 1 202 71 80
E: ir@smurfitkappa.com
About Smurfit Kappa Smurfit Kappa, a FTSE 100 company, is one of
the leading providers of paper-based packaging solutions in the
world, with around 46,000 employees in approximately 370 production
sites across 35 countries and with revenue of EUR8.6 billion in
2017. We are located in 22 countries in Europe, and 13 in the
Americas. We are the only large-scale pan-regional player in Latin
America.
With our proactive team we relentlessly use our extensive
experience and expertise, supported by our scale, to open up
opportunities for our customers. We collaborate with
forward-thinking customers by sharing superior product knowledge,
market understanding and insights in packaging trends to ensure
business success in their markets. We have an unrivalled portfolio
of paper-packaging solutions, which is constantly updated with our
market-leading innovations. This is enhanced through the benefits
of our integration, with optimal paper design, logistics,
timeliness of service, and our packaging plants sourcing most of
their raw materials from our own paper mills.
Our products, which are 100% renewable and produced sustainably,
improve the environmental footprint of our customers.
Follow us on Twitter at @smurfitkappa and on LinkedIn at
'Smurfit Kappa'.
www.smurfitkappa.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180829005433/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 29, 2018 09:30 ET (13:30 GMT)
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