Smurfit eyes Indonesia

Smurfit eyes Indonesia

DUBLIN (Reuter): Smurfit Ireland and UK, a unit of Jefferson
Smurfit Group Plc., said Vietnam and Indonesia were the next
targets for expansion after the announcement of a US$20 million
joint venture in Singapore yesterday.

The chief executive of Smurfit Ireland and UK, Paddy Wright,
said the Singapore joint venture was particularly exciting
because it opened the door to other ventures in the Far East.

"This venture is important for us because it can lead to other
things and other types of packaging," Wright told Reuters, adding
that plans for start up plants in Vietnam and Indonesia were at
an advanced stage.

The Irish and UK division announced a joint venture with
Singapore-based New Toyo Group to manufacture folding cartons.
The initial investment will be $20 million followed by further
investment as the joint venture develops.

The business will trade under the name of Smurfit Toyo and
will operate initially in Singapore, Hong Kong and the Jiangyin
Province near Shanghai.