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WestRock

From Wikipedia - Reading time: 6 min
WestRock Company
Company typePublic
IndustryCorrugated packaging
Predecessor
Founded2015; 9 years ago (2015)
DefunctJuly 5, 2024; 4 months ago (2024-07-05)
FateMerged with Smurfit Kappa
SuccessorSmurfit Westrock
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
c. 56,100 (September 2023)
Websitewestrock.com

WestRock was an American corrugated packaging company and in 2024 merged with Smurfit Kappa to become Smurfit Westrock. It was formed in July 2015 after the merger of MeadWestvaco and RockTenn.[2] WestRock was the 2nd largest American packaging company. It was 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 was headquartered in Sandy Springs, Georgia, consolidating offices from Norcross, Georgia and Richmond, Virginia.[6]

History and acquisitions

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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 Smurfit Westrock, one of the world's largest paper and packaging producers.[20]

References

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  1. ^ "WestRock | 2020 Fortune 500". Fortune.
  2. ^ "WestRock Company Formed with Completion of Merger of MeadWestvaco and RockTenn". GlobalNewsWire. July 1, 2015. Retrieved September 17, 2015.
  3. ^ "WestRock to purchase packaging aspect of Cenveo". Canadian Packaging. 2015-12-14. Retrieved 2022-07-07.
  4. ^ a b "WestRock". Library of Congress, Washington, D.C. 20540 USA. Retrieved 2022-07-07.
  5. ^ "2023 Proxy Statement" (PDF). WestRock.com. February 8, 2023. Retrieved December 15, 2022.
  6. ^ "WestRock to Relocate Headquarters in Greater Atlanta, Ga". Retrieved 2021-05-16.
  7. ^ McDermott, John (May 18, 2015). "MeadWestvaco, Rock-Tenn to be called WestRock after merger". Post and Courier. Retrieved September 17, 2015.
  8. ^ LLC, WestRock Shared Services. "WestRock Completes Acquisition of SP Fiber Holdings, Inc". GlobeNewswire News Room. Retrieved 2018-05-02.
  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. ^ "WestRock acquires Cenveo Packaging for $105m". bakeryandsnacks.com. Retrieved 2018-05-02.
  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. ^ "Silgan Completes Acquisition of Dispensing Systems Business". BusinessWire. 2017-04-06. Retrieved 2017-12-24.
  13. ^ "WestRock completes acquisition of Multi Packaging Solutions International – Packaging Business Review". containers.packaging-business-review.com. Retrieved 2018-05-02.
  14. ^ "WestRock (WRK) Buys Plymouth Packaging to Expand Portfolio". NASDAQ.com. 2018-01-09. Retrieved 2018-01-09.
  15. ^ "WestRock Signs Definitive Agreement to Acquire KapStone for $35 per Share". WestRock Company. January 29, 2018. Retrieved January 30, 2018.
  16. ^ "WestRock Completes Acquisition of KapStone," Nov. 2, 2018. WestRock Shared Services, LLC.
  17. ^ "Fortune 500 Companies 2018". Fortune 500. Archived from the original on November 10, 2018. Retrieved March 19, 2019.
  18. ^ Webber, Jude (2023-09-07). "Smurfit Kappa in $20bn merger talks with WestRock". Financial Times. Retrieved 2023-09-08.
  19. ^ "Sonoco acquires remaining stake in RTS Packaging from WestRock". NS Packaging. 2023-09-11. Retrieved 2023-09-11.
  20. ^ "Smurfit Kappa, WestRock to combine to create $20 billion packaging giant". RTÉ News. 12 September 2023.
[edit]
  • Official website
    • Historical business data for WestRock Company:
    • SEC filings
Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/WestRock
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