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Constantia Packaging AG becomes the Sole Shareholder of Duropack AG

Constantia
May 20, 2008

Company acquires Smurfit Kappa’s 40% minority interest in
Duropack AG

The Irish Jefferson Smurfit Group had held a 40% share in Duropack AG since the takeover of Interwell AG in the early 1990s, the remaining 60% was held by Constantia Packaging AG . After the merger of the Jefferson Smurift Group with Kappa Packaging AG, increased competition between the two owners within Eastern and Southeastern Europe resulted. The board of directors of both companies therefore decided to dissolve the joint shareholding structure in favor of all parties. Constantia Packaging AG recently entered negotiations with the Smurfit Kappa Group to purchase these 40% shares; the purchase price is said to be € 55 million. The closing of the transaction is expected to be soon, since neither a time-intensive evaluation process is needed, nor are there any antitrust issues.

The Smurfit Kappa Group is one of the largest paper packaging concerns worldwide. With operations in 30 different countries and employees numbering over 44,000, their volume of sales worldwide reached over € 7 billion in 2007.

Duropack AG is the leading manufacturer of corrugated cardboard in the CEE economic area. In 2007 the company sold 644 million square meters of corrugated cardboard and produced 153,444 tons of paper. Within the same year, 2,520 employees reached a sales volume of € 327.7 million.

Constantia Packaging AG, which is listed on the stock exchange, operates in the aluminum sector as well as in the corrugated cardboard and flexible packaging industries. About 8,400 employees in 20 different countries in Europe, Asia and North America fabricate primary aluminum and semi-finished aluminum goods as well as packaging made of aluminum, plastics and corrugated cardboard. These products are used in the food, beverage, pharmaceutical, automotive and aviation industries, among others. Sales volume in 2008 is expected to reach over € 2 billion.

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