WestRock

WestRock

WestRock

American corrugated packaging company

WestRock is an American corrugated packaging company. It was formed in July 2015 after the merger of MeadWestvaco and RockTenn.[2] WestRock is the 2nd largest American packaging company. It is one of the world's largest paper and packaging companies with US$21.3 billion in annual revenue and more than 50,000 team members in more than 300 locations in 30 countries around the world.[3][4][5] The company is headquartered in Sandy Springs, Georgia, consolidating offices from Norcross, Georgia and Richmond, Virginia.[6]

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History and acquisitions

Westrock was formed in May 2015 after the merger of MeadWestvaco and Rock Tenn.[4] MeadWestvaco stockholders received 0.78 shares of the combined company. Rock-Tenn stockholders chose either one share of the combined company or a specific cash amount for each of their shares.[7]

In October 2015, WestRock purchased SP Fiber Holdings, Inc.[8] The company manufactures recycled container board as well as kraft and bag paper.[9] In January 2016, the company acquired Cenveo Packaging for $105 million which manufactures folded cartons and litho-laminated display packaging like MiraFoil, coil foil, and low migration ink systems.[10] The sale included facilities located in the United States, Canada, and Dominican Republic.

In March 2017 WestRock purchased Star Pizza Box, the largest US manufacturer and distributor of pizza boxes.[11]

In April 2017, WestRock completed the sale of its dispensing systems operations for $1.025 billion to Silgan Holdings.[12]

In June 2017, the company acquired Multi Packaging Solutions International (MPS) for an enterprise value of $2.28 billion. MPS has 59 locations across North America, Europe, and Asia and will enhance Westrock's print, graphics, and design capabilities for more penetration in spirits, confectionery, beauty and cosmetics packaging.[13]

In January 2018, the company acquired Plymouth Packaging, Inc.[14] Later that month, WestRock announced that it would acquire rival pulp and paper company Kapstone. The deal closed in November of 2018.[15][16] The company ranked 194th on the 2018 Fortune 500 of the largest United States corporations by revenue.[17]

In September 2023, the company was reported to be in advanced merger talks with Smurfit Kappa to combine operations and form a "combined packaging group [with] adjusted earnings before interest, tax, depreciation and amortisation of $5.5bn."[18]

In September 2023, it was announced WestRock had completed the sale of its subsidiary, RTS Packaging to the Hartsville, South Carolina-headquartered packaging company, Sonoco for $330 million.[19]

In September 2023, it was announced WestRock and the Dublin, Ireland-headquartered corrugated packaging company, Smurfit Kappa had agreed to merge, to create one of the world's largest paper and packaging producers.[20]

References

  1. [1]
    "WestRock | 2020 Fortune 500". Fortune.
  2. [2]
    "WestRock Company Formed with Completion of Merger of MeadWestvaco and RockTenn". GlobalNewsWire. July 1, 2015. Retrieved September 17, 2015.
  3. [3]
    "WestRock to purchase packaging aspect of Cenveo". Canadian Packaging. 2015-12-14. Retrieved 2022-07-07.
  4. [4]
    "WestRock". Library of Congress, Washington, D.C. 20540 USA. Retrieved 2022-07-07.
  5. [5]
    "2023 Proxy Statement" (PDF). WestRock.com. February 8, 2023. Retrieved December 15, 2022.
  6. [6]
    "WestRock to Relocate Headquarters in Greater Atlanta, Ga". Retrieved 2021-05-16.
  7. [7]
    McDermott, John (May 18, 2015). "MeadWestvaco, Rock-Tenn to be called WestRock after merger". Post and Courier. Retrieved September 17, 2015.
  8. [8]
    LLC, WestRock Shared Services. "WestRock Completes Acquisition of SP Fiber Holdings, Inc". GlobeNewswire News Room. Retrieved 2018-05-02.
  9. [9]
    "WestRock Company has acquired SP Fiber Technologies, LLC | Deals | Oaklins United States: Mid-market M&A and financial advice globally". United States. Retrieved 2022-07-07.
  10. [10]
    "WestRock acquires Cenveo Packaging for $105m". bakeryandsnacks.com. Retrieved 2018-05-02.
  11. [11]
    "Corrugated: WestRock acquires Star Pizza Box with five plants; LDI buys Miller Container – RISI – Objective Insight. Better Decisions". RISI – Objective Insight. Better Decisions. Retrieved 2018-05-02.
  12. [12]
    "Silgan Completes Acquisition of Dispensing Systems Business". BusinessWire. 2017-04-06. Retrieved 2017-12-24.
  13. [13]
    "WestRock completes acquisition of Multi Packaging Solutions International – Packaging Business Review". containers.packaging-business-review.com. Retrieved 2018-05-02.
  14. [14]
    "WestRock (WRK) Buys Plymouth Packaging to Expand Portfolio". NASDAQ.com. 2018-01-09. Retrieved 2018-01-09.
  15. [15]
    "WestRock Signs Definitive Agreement to Acquire KapStone for $35 per Share". WestRock Company. January 29, 2018. Retrieved January 30, 2018.
  16. [16]
    "WestRock Completes Acquisition of KapStone," Nov. 2, 2018. WestRock Shared Services, LLC.
  17. [17]
    "Fortune 500 Companies 2018". Fortune 500. Archived from the original on November 10, 2018. Retrieved March 19, 2019.
  18. [18]
    Webber, Jude (2023-09-07). "Smurfit Kappa in $20bn merger talks with WestRock". Financial Times. Retrieved 2023-09-08.
  19. [19]
    "Sonoco acquires remaining stake in RTS Packaging from WestRock". NS Packaging. 2023-09-11. Retrieved 2023-09-11.
  20. [20]
    "Smurfit Kappa, WestRock to combine to create $20 billion packaging giant". RTÉ News. 12 September 2023.
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