Follow up: Smurfit Kappa and WestRock will become Smurfit WestRock
News General news
Only a few days after the announcement of plans to merge Smurfit Kappa and WestRock, the transaction has now been confirmed. The companies will sign the corresponding agreement.
Smurfit WestRock will be led by Tony Smurfit as CEO and Irial Finan as chairman. The new company reportedly represents adjusted sales for the last twelve months of US$34bn and adjusted EBITDA as at 30 June 2023 of US$5.5bn. The merger is expected to be high single-digit accretive to earnings per share, according to the companies.
In a previous announcement, the new partners reported targeted annual pre-tax cost synergies of more than US$400 million at the end of the first full year following the completion of the transaction.
The resulting group will be the world's largest paper manufacturing and converting company with an unparalleled presence in its markets. The merger is expected to close in the second quarter of 2024.
