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Exhibit 99.1
[LOGO - SMURFIT-STONE] [LOGO - ST. LAURENT PAPERBOARD INC.]
P R E S S R E L E A S E
For Immediate Release
SECURITYHOLDERS OF ST. LAURENT PAPERBOARD INC.
APPROVE ACQUISITION BY SMURFIT-STONE CONTAINER CORPORATION
MONTREAL AND CHICAGO, MAY 26, 2000 - St. Laurent Paperboard Inc. ("St.
Laurent"), Montreal, Quebec, (TSE: SPI; NYSE: SLW) and Smurfit-Stone Container
Corporation ("Smurfit-Stone"), Chicago, Illinois, (NASDAQ: SSCC) today jointly
announced the approval by holders of St. Laurent's securities of the acquisition
of St. Laurent by Smurfit-Stone as outlined in the management information
circular and proxy statement of St. Laurent dated April 14, 2000.
The transaction is expected to close on May 31, 2000, after obtaining the
approval of the proposed plan of arrangement by the Court. St. Laurent will then
become an indirect wholly-owned subsidiary of Smurfit-Stone.
Ray Curran, President and Chief Executive Officer of Smurfit-Stone said, "This
combination will create an unmatched competitor in value-added paperboard
products and packaging solutions. St. Laurent's superior capabilities in
specialty containerboard such as white top linerboard and lightweight
corrugating medium will significantly expand Smurfit-Stone's capabilities in
miniflute, high-value graphics packaging and point-of-purchase displays. In
turn, Smurfit-Stone provides a broader platform for St. Laurent to develop and
expand its specialized packaging capabilities."
"The consolidation of our industry is a proven way for companies to grow while
improving efficiency and productivity. The acquisition by Smurfit-Stone not only
makes sense economically in terms of synergies, but also organizationally and
strategically in reaching new market penetration and creating new value for all
stakeholders," added Jay J. Gurandiano, President and Chief Executive Officer of
St. Laurent Paperboard Inc.
St. Laurent Paperboard is a major North American producer, supplier and
converter of high-quality, value-added paperboard substrates and packaging
solutions, with more than 4,500 employees serving a diverse customer base in
North America and selected international markets. On February 23, 2000 St.
Laurent and Smurfit-Stone announced that they had entered into an agreement
under which Smurfit-Stone would acquire St. Laurent by way of a plan of
arrangement under the Canada Business Corporations Act.
The combination of these two companies consolidates Smurfit-Stone's position as
one of the world's largest producers of containerboard, corrugated containers,
folding cartons, bag and specialty packaging.
Smurfit-Stone, which was created by the November 1998 merger of Jefferson
Smurfit Corporation and Stone Container Corporation, is the industry's leading
manufacturer of paper and paperboard-based packaging, including containerboard,
corrugated containers, industrial bags, and claycoated recycled boxboard; and is
the world's largest paper recycler. In addition, Smurfit-Stone is a leading
producer of solid bleached sulfate, folding cartons, paper tubes and cores, and
labels. Net sales in 1999 were US$7.2 billion. The company employs approximately
35,000 and operates about 300 facilities worldwide. The company has a production
capacity of six million tons of containerboard and one million tons of other
packaging grades.
FOR FURTHER INFORMATION:
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SMURFIT-STONE CONTAINER CORPORATION ST. LAURENT PAPERBOARD INC.
Timothy McKenna (investors) Mylene Labrie (media)
Vice President, Investor Relations Director, Communications
and Communications (514) 864-5103
(312) 580-4637
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Tom Lange (media)
Director, Public Relations
(314) 746-1236
www.smurfit-stone.com
