Bulletin: WestRock Co.'s Merger With Smurfit Kappa Group PLC Adds Scale, Diversity And Lowers Pro Forma Leverage Moderately

SAN FRANCISCO (S&P Global Ratings) Sept. 14, 2023--S&P Global said today that the combination of WestRock Co. (BBB/Stable/--) and Smurfit Kappa Group PLC (BBB/Watch Pos/--), which will operate under the name Smurfit WestRock, would create one of the largest paper packaging companies, with a global scale spanning across Europe, North America, South America, Asia, and Australia, offering corrugated packaging, consumer packaging, automation, and paper products. Pro forma 2022 revenue and S&P Global Ratings-adjusted EBITDA for the combined company would have been about $35 billion and $5 billion, respectively, and would generate 54% of revenues from North America, 34% from Europe and other, and 12% from Latin America. Corrugated packaging would represent 85% of the business, while consumer packaging would make

...September 14, 2023 SAN FRANCISCO (S&P Global Ratings) Sept. 14, 2023--S&P Global said today that the combination of WestRock Co. (###/Stable/--) and Smurfit Kappa Group PLC (###/Watch Pos/--), which will operate under the name Smurfit WestRock, would create one of the largest paper packaging companies, with a global scale spanning across Europe, North America, South America, Asia, and Australia, offering corrugated packaging, consumer packaging, automation, and paper products. Pro forma 2022 revenue and S&P Global Ratings-adjusted EBITDA for the combined company would have been about $35 billion and $5 billion, respectively, and would generate 54% of revenues from North America, 34% from Europe and other, and 12% from Latin America. Corrugated packaging would represent 85% of the business, while consumer packaging would make up the remaining 15%. Smurfit WestRock will provide a variety of fiber-based solutions to food and beverage, industrial, e-commerce, and consumer packaging markets....

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