DUBLIN, Ireland (From news reports) -- Smurfit Kappa plans to spend an extra €1.6 billion on expanding its operations and buying rivals over the next four years.

Interest payments and once-off charges cut the group's pre-tax profits by 12 per cent to €576 million last year from €654 million in 2016, its annual results show.

Smurfit pledged to spend €1.6 billion on its business, which spans 375 facilities in 35 countries, through 2018 to the end of 2021. The group will spend around €600 million of the total this year.

In a presentation shortly after the results were published on Wednesday, chief executive Tony Smurfit indicated that the group would spend this cash on expanding existing facilities and acquisitions.

He did not pinpoint which facilities were likely to benefit or any likely acquisition targets, but said that the group wanted to capitalise on growth and cost-cutting opportunities across its business.

Smurfit intends to spend the money to boost returns to investors. The €1.6 billion earmarked is separate to the €320 million a year that the group spends on such things as the upkeep of its facilities.

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