Read later
  • 23 Jan 2017

WestRock takes next step in strategic alignment with divestment of HHB business

‘We have a constant strategic focus at WestRock on aligning our portfolio and resources around our core paper and packaging solutions businesses' - WestRock CEO Steve Voorhees

WestRock has entered into a definitive purchase agreement with Silgan Holdings for its Home, Health and Beauty business, the next step in its constant strategic focus to align its portfolio and resources around paper and packaging.

WestRock’s Home, Health and Beauty business designs and produces value added dispensing systems and closures for the global home care, lawn and garden, personal care, beauty, fragrance and healthcare markets.

The divestment will see Silgan pay 1.025 billion USD in cash, plus the assumption of approximately 25 million USD in foreign pension liability, for the Home, Health and Beauty business. WestRock expects to receive net after-tax proceeds from the divestiture of approximately one billion USD. The companies expect to close the transaction, subject to necessary government and regulatory approvals, in the quarter ending March 31, 2017.

WestRock CEO Steve Voorhees commented: ‘We have a constant strategic focus at WestRock on aligning our portfolio and resources around our core paper and packaging solutions businesses, and the sale of our Home, Health and Beauty business is the next step in this process.

‘Over the past year, we have made several investments that have further enhanced our business portfolio, while exiting others that were not core to our goal of being a premier provider of paper and packaging solutions to our customers.’

ABOUT THE AUTHOR

The Labels & Labeling global editorial team covers every corner of the world from Europe and the Americas, to India, Asia, Southeast Asia and Australasia with all the latest news from the label and package printing market.

See author’s profile »