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. 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. 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. 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…
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In 2018, WestRock acquired Plymouth Packaging, Inc., and also announced that it would acquire the pulp and paper company Kapstone. 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. Smurfit Kappa shareholders will have 50.4% ownership of the new company.
What Does It Mean For The Two Companies?
370 employees have rated WestRock Chief Executive Officer Steve Voorhees on Glassdoor.com. 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. 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 27.08% from the latest price.
Weeks later, Brazilian pulp and paper company Suzano pursued International Paper, but discussions ended in June. With more than 49,000 employees, WestRock Company is considered one of the world’s largest paper and packaging companies. According to Forbes, it is considered one of the Largest Public Companies in the World. 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.
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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. “Smurfit Westrock is going to conquer the world of sustainable, paper-based packaging,” said CEO Tony Smurfit before ringing the NYSE’s opening bell.
Smurfit Westrock will have more than 500 sites and 63 paper mills, spanning 40 countries and six continents. However, the deal offered a 28% premium to WestRock’s closing price yesterday, leading to a jump in its stock price. 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.
WestRock Stock On a Tear After Smurfit Kappa Deal
Smurfit Westrock Plc, together with its subsidiaries, manufactures, distributes, and sells containerboard, corrugated containers, and other paper-based packaging products in Ireland and internationally. The announcement kicked off a period 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.
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. The Barchart Technical Opinion widget shows you today’s overally Barchart Opinion with general information on how to interpret the short and longer term signals. Unique to Barchart.com, Opinions analyzes a stock or commodity using fleetcor will test ripple as payments tool for business clients 13 popular analytics in short-, medium- and long-term periods.
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 now becomes one of the world’s largest packaging companies. RockTenn was a paper and packaging manufacturer headquartered in Norcross, Georgia, United States. RockTenn Company was formed in 1973 after the merger of Rock City Packaging, Inc. and Tennessee Paper Mills Inc. In securities filings, the companies projected a combined revenue of more than $32 billion with 100,000 employees.
- The deal was valued at nearly $12.7 billion in late April, based on exchange rates at the time.
- Provides a general description of the business conducted by this company.
- London-based DS Smith in April agreed to be acquired by International Paper, after thwarting a proposed offer from Mondi.
- “Smurfit Westrock is going to conquer the world of sustainable, paper-based packaging,” said CEO Tony Smurfit before ringing the NYSE’s opening bell.
- Steve Voorhees has an approval rating of 74% among the company’s employees.
Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer. DUBLIN–(BUSINESS WIRE)–Smurfit Westrock trading 212 autoinvest and pies review 2021 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… © 2024 CompaniesHistory.com – The largest and most successful companies and brands in the world! In June 2017, the company acquired Multi Packaging Solutions International (MPS). Former Smurfit Kappa executives fill out the lion’s share of top executive positions at the new company.
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. Provides a general online regulated forex broker reviews description of the business conducted by this company. Upgrade to MarketBeat All Access to add more stocks to your watchlist. Top institutional investors of WestRock include Davidson Kempner Capital Management LP (3.58%), Pentwater Capital Management LP (1.17%), D. 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.
Results are interpreted as buy, sell or hold signals, each with numeric ratings and summarized with an overall percentage buy or sell rating. After each calculation the program assigns a Buy, Sell, or Hold value with the study, depending on where the price lies in reference to the common interpretation of the study. For example, a price above its moving average is generally considered an upward trend or a buy. What you need to know… The S&P 500 Index ($SPX ) (SPY ) on Monday closed up +0.76%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.59%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up… The S&P 500 Index ($SPX ) (SPY ) Thursday closed down -0.25%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.77%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -0.79%. © 2024 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions.
In March 2017, WestRock purchased Star Pizza box, one of the largest US manufacturers and distributors of pizza boxes. 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.
The Chart of the Day belongs to the paper products company WestRock (WRK) . I found the stock by using Barchart’s powerful screening functions to find stocks with the highest technical buy signals, highest… 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%.