One day someone will produce a business school study of how DS Smith was transformed from a maker of paper, one of the most cyclical commodities, into a pan-European producer of higher-margin specialist packaging.
Part of this has come from acquisitions, Otor in France and the Scandinavian SCA adding to its continental footprint. Part has been achieved by talking to consumer goods manufacturers about what sort of specialist packaging they want — there is a five-year exclusive agreement to develop and produce in Europe for Mondelez, not a business inclined to give its suppliers an easy ride.
Meanwhile, the rise of discounters such as Aldi and Lidl has required packaging that can go straight on to the shelf with minimum labour costs, a tactic being