WestRock WRK Stock Price, News & Analysis
Tony Smurfit, previously the CEO of Smurfit Kappa, assumed the top spot. Similarly, Smurfit Kappa’s CFO Ken Bowles assumed the same position at the new company. The deal is expected to close in the second quarter of 2024 after regulatory approvals.
Jefferson Smurfit, a maker of cardboard boxes and packaging materials for the Irish market, merged with its Dutch competitor Kappa Packaging in 2005. Smurfit Kappa was nearly acquired in 2018 by International Paper for 8.9 billion Euros, but the deal fell apart. Sandy Springs-based WestRock on July 5 completed its deal to merge with Dublin-based Smurfit Kappa, forming a new paper and packaging giant called Smurfit Westrock. On Monday, the company revealed it will be listed on the New York Stock Exchange under the ticker “SW” and will use the ticker “SWR” on the London Stock Exchange.
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The Fortune 500 company resulted from a 2015 merger between MeadWestvaco and RockTenn. The announcement kicked off a period https://forexanalytics.info/ of international megadeals between fiber packaging companies. London-based DS Smith in April agreed to be acquired by International Paper, after thwarting a proposed offer from Mondi. Weeks later, Brazilian pulp and paper company Suzano pursued International Paper, but discussions ended in June. Patrick Kivits, WestRock president of corrugated packaging, was slated to keep his position at the new company, but he announced his departure last month to become the new CEO at SEE, a position he assumed on July 1. Samuel Shoemaker, WestRock’s president of consumer packaging, and Tom Stigers, WestRock’s president of mill operations, were also cited in securities filings as moving over to the new company.
One of Georgia’s largest companies finalized a $20 billion international merger earlier this month and confirmed it will continue to run its U.S. operations in metro Atlanta. Smurfit Kappa and WestRock identified $750 million worth of businesses and assets to divest if necessary to achieve regulatory approval, but in the end no divestitures were required. Analysts had predicted early in the regulatory review process that the companies would not face major obstacles in advancing the deal. That’s largely due to the lack of footprint overlap between the two companies’ portfolios, which means the new company would not unduly stifle marketplace competition.
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DALLAS–(BUSINESS WIRE)–ISN, the global leader in contractor and supplier information management, announced that Smurfit Westrock, a global leader in sustainable paper and packaging, has selected ISN… Common stockholders of WestRock will receive a share of the new company plus $5 in cash for each share they own, adding up to $43.5 per share based on yesterday’s closing price of Smurfit Kappa ordinary shares. Smurfit Kappa investors will receive one share of the new company for each share they own. With roots dating back to 1934, Smurfit Kappa is also the product of a merger.
Smurfit Westrock Announces ICSID Award in Dispute with Venezuela
“Smurfit Westrock is going to conquer the world of sustainable, paper-based packaging,” said CEO Tony Smurfit before ringing the NYSE’s opening bell. DUBLIN–(BUSINESS WIRE)–Smurfit Westrock plc, a global leader in sustainable packaging, is pleased to announce its primary listing on the New York Stock Exchange (NYSE), under the ticker ‘SW,’ follow… However, the deal offered a 28% premium to WestRock’s closing price yesterday, leading to a jump in its stock price. The two companies’ combined revenue in the last fiscal year was $34 billion, and adjusted core profit was $5.5 billion. The new company, Smurfit WestRock, will be worth about $20 billion when listed. It seems like a good deal, as it presents a 28% premium over WestRock’s closing price yesterday and far exceeds the expected deal premium of 15% to 20%.
Smurfit Westrock’s global headquarters will be located in Dublin, while Westrock’s offices at Northpark Towncenter in Sandy Springs will anchor the company’s U.S. division. NE it’s homebase since 2017 after relocating about 800 employees from Norcross. Top institutional investors of WestRock include Davidson Kempner Capital Management LP (3.58%), Pentwater Capital Management LP (1.17%), D.
Smurfit WestRock shares began trading on the New York Stock Exchange July 8; shares also began trading on the LSE. Smurfit Westrock executives rang the opening bell at the NYSE on Monday, their first full business day as the new company. Smurfit Kappa shareholders will have 50.4% ownership of the new company. Smurfit Kappa’s final day of trading on Euronext Dublin was on Tuesday. The deal was valued at nearly $12.7 billion in late April, based on exchange rates at the time.
Smurfit Westrock Plc, together with its subsidiaries, manufactures, distributes, and sells containerboard, corrugated containers, and other paper-based packaging products in Ireland asset pricing and portfolio choice theory and internationally. Packaging company WestRock’s (WRK) shares soared by almost 7% in pre-market trading on Tuesday after a merger announcement with Dublin-based Smurfit Kappa to create the world’s largest listed paper and packaging company by revenue. Mergers are nothing new for WestRock, a corrugated packaging company that makes products ranging from pizza boxes to ice cream cartons to medicine containers.
- Packaging company WestRock’s (WRK) shares soared by almost 7% in pre-market trading on Tuesday after a merger announcement with Dublin-based Smurfit Kappa to create the world’s largest listed paper and packaging company by revenue.
- The new company, Smurfit WestRock, will be worth about $20 billion when listed.
- The announcement kicked off a period of international megadeals between fiber packaging companies.
- International Paper made a play for Smurfit Kappa twice in 2018, but the latter company rejected the proposals.
- “Smurfit Westrock is going to conquer the world of sustainable, paper-based packaging,” said CEO Tony Smurfit before ringing the NYSE’s opening bell.
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Given the extensive synergies between the two companies, Smurfit Kappa expects the deal to increase profits in the high single-digit by over 20% by the end of its first year of operations. A new holding company will be created for Smurfit WestRock, which will be Dublin-based and listed on the New York Stock Exchange. Georgia is one of America’s largest logistics hubs, boasting the world’s busiest airport, multiple coastal ports and several Fortune 500 companies across the shipping, trucking and packaging industries. Packaging companies in metro Atlanta include UPS, Graphic Packaging and Veritiv, which announced last year it was purchased by a private equity firm in a $2.3 billion transaction.
Steve Voorhees has an approval rating of 74% among the company’s employees. 60.0% of employees surveyed would recommend working at WestRock to a friend. Former Smurfit Kappa executives fill out the lion’s share of top executive positions at the new company.
Initial discussions about a Smurfit Westrock business combination date back to June 2019. Rounds of back-and-forth occurred for years, in addition to an offer from a private equity firm to purchase WestRock and a re-exploration of 2016 discussions regarding a transaction with another paper and packaging manufacturer. International Paper made a play for Smurfit Kappa twice in 2018, but the latter company rejected the proposals. In securities filings, the companies projected a combined revenue of more than $32 billion with 100,000 employees. Smurfit Westrock will have more than 500 sites and 63 paper mills, spanning 40 countries and six continents. Smurfit Westrock now becomes one of the world’s largest packaging companies.
Insiders that own company stock include Currey M Russell, Vicki L Lostetter, Thomas Stigers, Denise R Singleton, John L O’neal and James E Nevels. New Rank-Based ScoringMarketRank™ is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company’s weighted average against that of other companies. According to 5 analysts, the average rating for SW stock is “Buy.” The 12-month stock price forecast is $56.4, which is an increase of 19.04% from the latest price. Tony Smurfit, the CEO of Smurfit Westrock, said combining the two packaging behemoths will expand their reach to 40 countries and support more than 100,000 employees. 370 employees have rated WestRock Chief Executive Officer Steve Voorhees on Glassdoor.com.