Company:WestRock

From HandWiki
Short description: American corrugated packaging company
WestRock Company
TypePublic
IndustryCorrugated packaging
Founded2015; 9 years ago (2015)
Headquarters
Sandy Springs, Georgia
(Atlanta mailing address)
,
United States
Key people
David B. Sewell (CEO)
RevenueIncrease US$14.86 billion (2017)[1]
Number of employees
51,100 (2020)[1]
Websitewestrock.com

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]

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. ↑ 1.0 1.1 "WestRock | 2020 Fortune 500". https://fortune.com/company/westrock/fortune500/. 
  2. ↑ "WestRock Company Formed with Completion of Merger of MeadWestvaco and RockTenn". July 1, 2015. http://globenewswire.com/news-release/2015/07/01/749119/10140347/en/WestRock-Company-Formed-with-Completion-of-Merger-of-MeadWestvaco-and-RockTenn.html. Retrieved September 17, 2015. 
  3. ↑ "WestRock to purchase packaging aspect of Cenveo" (in en-US). 2015-12-14. https://www.canadianpackaging.com/general/westrock-to-purchase-packaging-aspect-of-cenveo-145170/. 
  4. ↑ 4.0 4.1 "WestRock". https://www.loc.gov/item/lcwaN0016703/. 
  5. ↑ "2023 Proxy Statement". February 8, 2023. https://d18rn0p25nwr6d.cloudfront.net/CIK-0001732845/1f07c9bd-c3c7-498d-bee2-92f04862efa9.pdf. 
  6. ↑ "WestRock to Relocate Headquarters in Greater Atlanta, Ga.". http://www.naylornetwork.com/ppi-otw/articles/index-v2.asp?aid=425420&issueID=50669. Retrieved 2021-05-16. 
  7. ↑ McDermott, John (May 18, 2015). "MeadWestvaco, Rock-Tenn to be called WestRock after merger". http://www.postandcourier.com/article/20150518/PC05/150519357/1177/meadwestvaco-rock-tenn-to-be-called-westrock-after-merger. Retrieved September 17, 2015. 
  8. ↑ LLC, WestRock Shared Services. "WestRock Completes Acquisition of SP Fiber Holdings, Inc." (in en-US). GlobeNewswire News Room. https://globenewswire.com/news-release/2015/10/01/772909/10151476/en/WestRock-Completes-Acquisition-of-SP-Fiber-Holdings-Inc.html. 
  9. ↑ "WestRock Company has acquired SP Fiber Technologies, LLC | Deals | Oaklins United States: Mid-market M&A and financial advice globally" (in en-US). https://www.oaklins.com/us/en/deals/101679/. 
  10. ↑ "WestRock acquires Cenveo Packaging for $105m" (in en-GB). bakeryandsnacks.com. https://www.bakeryandsnacks.com/Article/2016/01/21/WestRock-acquires-Cenveo-Packaging-for-105m. 
  11. ↑ "Corrugated: WestRock acquires Star Pizza Box with five plants; LDI buys Miller Container – RISI – Objective Insight. Better Decisions." (in en-US). RISI – Objective Insight. Better Decisions.. https://www.risiinfo.com/industry-news/corrugated-westrock-acquires-star-pizza-box-with-five-plants-ldi-buys-miller-container/. 
  12. ↑ "Silgan Completes Acquisition of Dispensing Systems Business". 2017-04-06. https://www.businesswire.com/news/home/20170406006217/en/Silgan-Completes-Acquisition-Dispensing-Systems-Business. 
  13. ↑ "WestRock completes acquisition of Multi Packaging Solutions International – Packaging Business Review". http://ir.westrock.com/press-releases/press-release-details/2017/Definitive-Agreement-Reached-for-WestRock-to-Acquire-Multi-Packaging-Solutions-for-1800-per-share/default.aspx. 
  14. ↑ "WestRock (WRK) Buys Plymouth Packaging to Expand Portfolio" (in en-us). NASDAQ.com. 2018-01-09. http://www.nasdaq.com/article/westrock-wrk-buys-plymouth-packaging-to-expand-portfolio-cm902495. 
  15. ↑ "WestRock Signs Definitive Agreement to Acquire KapStone for $35 per Share". WestRock Company. January 29, 2018. http://ir.westrock.com/press-releases/press-release-details/2018/WestRock-Signs-Definitive-Agreement-to-Acquire-KapStone-for-35-per-Share/default.aspx. Retrieved January 30, 2018. 
  16. ↑ "WestRock Completes Acquisition of KapStone," Nov. 2, 2018. WestRock Shared Services, LLC.
  17. ↑ "Fortune 500 Companies 2018". Fortune 500. http://fortune.com/fortune500/list/. Retrieved March 19, 2019. 
  18. ↑ Webber, Jude (2023-09-07). "Smurfit Kappa in $20bn merger talks with WestRock". Financial Times. https://www.ft.com/content/fa343cab-52e3-4454-96b7-75668aa08048. 
  19. ↑ "Sonoco acquires remaining stake in RTS Packaging from WestRock" (in en-US). 2023-09-11. https://www.nspackaging.com/news/sonoco-acquires-remaining-stake-in-rts-packaging-from-westrock/. 
  20. ↑ "Smurfit Kappa, WestRock to combine to create $20 billion packaging giant". RTÉ News. 12 September 2023. https://www.rte.ie/news/business/2023/0912/1404784-smurfit-kappa-westrock-to-merge/. 

External links



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:WestRock&oldid=3478228"