Smurfit WestRock

Last updated
Smurfit WestRock plc
Company type Public limited company
ISIN IE00B1RR8406
IndustryPackaging
Founded1934
Headquarters Dublin, Ireland
Key people
 Anthony Smurfit (President and CEO)
ProductsPaper-based packing containers
RevenueDecrease2.svg €11,272 million (2023) [1]
Decrease2.svg €1,403 million (2023) [1]
Decrease2.svg €759 million (2023) [1]
Number of employees
47,000 (2024) [2]
Website www.smurfitwestrock.com

Smurfit WestRock plc is a company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.

Contents

History

The company was established as a box-maker in the Rathmines area of Dublin, Ireland in 1934 and was acquired by Mr Jefferson Smurfit in 1938, trading afterwards as Jefferson Smurfit. [3] It was listed on the Irish Stock Exchange in 1964 and acquired a partial interest in Time Industries, a Chicago-based paper and packaging company, in 1974. [4] Jefferson Smurfit grew under the leadership of the founder's son, Sir Michael Smurfit, who became Chief Executive in 1977. [5]

It merged its 46%-owned US business with Chicago-based Stone Container Corporation to form Smurfit-Stone Container Corporation in 1998. [6]

Jefferson Smurfit was the subject of a management buyout financed by Madison Dearborn Partners, Cinven Limited and CVC Capital Partners in 2002. [7] It merged with Kappa Packaging  [ nl ] in 2005, changing its name to Smurfit Kappa, [8] and was the subject of an initial public offering in 2007. [9]

In 2012 it bought Orange County Container, a US-based packaging company, for $340 million. [10] In 2016 it acquired two Brazilian Companies for €186 million. [11]

In September 2023, it was announced that Smurfit Kappa and the Sandy Springs, Georgia-headquartered corrugated packaging company, WestRock had agreed to merge, to create one of the world's largest paper and packaging producers. [12] It was confirmed in the circular and prospectus that the transaction will be conducted by Smurfit Kappa acquiring WestRock and then changing its name to Smurfit WestRock, and that the Smurfit Kappa Group shareholders and board would represent the majority of the combined entity. [13] The transaction completed on 5 July 2024. [14]

Operations

The company specialises in manufacturing paper-based packaging, with a network of paper, recycling and forestry operations. It is an integrated producer, with packaging plants sourcing the major part of their raw material requirements from the company's own paper mills. In turn, the sourcing of recovered fibre and wood for the mills is managed through a combination of reclamation and forestry operations and purchases from third parties. It operates across 35 countries – 22 in Europe, 13 in the Americas. Its global headquarters are in Dublin, with regional headquarters in Amsterdam and Miami. [15]

The company also operates a publishing division aimed at the educational sector in Ireland through its subsidiary, the Educational Company of Ireland, more commonly known as Edco. It distributes textbooks for primary and post-primary education, exam papers, revision books and resources for the Irish Curriculum. [16]

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References

  1. 1 2 3 "Annual Results 2023" (PDF). Smurfit Kappa Group. Retrieved 11 February 2024.
  2. ↑ "At a glance". Smurfit Kappa. Retrieved 11 February 2024.
  3. ↑ "Highlights in the history of the Jefferson Smurfit Group". Pulp & Paper International. November 1996. Retrieved 21 December 2012.
  4. ↑ "Boxing clever on the global market". Pulp & Paper International. November 1996. Retrieved 21 December 2012.
  5. ↑ "Ireland's Rich List: 21-30". Irish Independent . 31 March 2010. Retrieved 21 December 2012.
  6. ↑ "Smurfit plans merger with Stone Container". The Independent. 12 May 1998. Retrieved 21 December 2012.
  7. ↑ "Chicago investment firm to buy Jefferson Smurfit". Chicago Tribune. 18 June 2002. Retrieved 21 December 2012.
  8. ↑ "Smurfit and Kappa close to merger says report". Food Production. 26 August 2005. Retrieved 21 December 2012.
  9. ↑ "Smurfit Kappa Sells More Shares After IPO". Reuters. 16 March 2007. Retrieved 21 December 2012.
  10. ↑ "Smurfit Kappa completes deal to buy Orange County Container". Packaging News. 3 December 2012. Retrieved 21 December 2012.
  11. ↑ Gleeson, Colin. "Smurfit Kappa acquires Brazilian companies for €186m". The Irish Times.
  12. ↑ "Smurfit Kappa, WestRock to combine to create $20 billion packaging giant". RTÉ News. 12 September 2023.
  13. ↑ "Smurfit Kappa Group (UK): Merger with WestRock Company (USA) – Informative Notice". FTSE Russell. 21 June 2024. Retrieved 29 June 2024.
  14. ↑ "Smurfit Kappa-WestRock deal takes effect". Morning Star. 5 July 2024. Retrieved 7 July 2024.
  15. ↑ "About Us". Smurfit Kappa Group. Retrieved 21 December 2012.
  16. ↑ Hutton, Clare; Walsh, Patrick (2011). The Oxford History of the Irish Book; Volume5 The Irish Book in English, 1891–2000. OPxford University Press. p. 630. ISBN   978-0199249114.
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