WestRock Announces Completion of Divestiture of Home, Health And Beauty Business
April 06 2017 - 4:15PM
WestRock Company (NYSE:WRK) today announced that it has completed
the sale of its Home, Health and Beauty business to Silgan Holdings
Inc. (NASDAQ:SLGN) for approximately $1.025 billion in cash
(subject to post-closing adjustments) plus the assumption of
approximately $25 million in foreign pension liability. The Company
expects to use the proceeds from the sale of the business in
connection with its previously announced purchase of Multi
Packaging Solutions International Limited.
Additional financial information, including the expected impact
to WestRock’s 2017 results, will be provided during WestRock’s
second quarter earnings call, which is scheduled for April 26,
2017.
Forward-Looking StatementsThis release contains
forward-looking statements based on management’s current views and
assumptions regarding the anticipated use of proceeds from the
transaction. Actual events may differ materially. Factors
that may affect actual results include, but are not limited to,
economic, competitive and market conditions generally; volumes and
price levels of purchases by customers; competitive conditions in
WestRock's businesses and possible adverse actions of their
customers, competitors and suppliers. Please refer to the
cautionary statements set forth in Item 1A of WestRock’s Annual
Report on Form 10-K for the year ended September 30, 2016 and
Quarterly Report on Form 10-Q for the quarter ended December 31,
2016. WestRock undertakes no duty to update forward-looking
statements.
About WestRock WestRock (NYSE:WRK) partners
with our customers to provide differentiated paper and packaging
solutions that help them win in the marketplace. WestRock’s 39,000
team members support customers around the world from more than 250
operating and business locations spanning North America, South
America, Europe and Asia. Learn more at www.westrock.com.
WestRockInvestors:Matt Tractenberg,
470-328-6327Vice President - Head of Investor
Relationsmatt.tractenberg@westrock.com
John Stakel, 678-291-7901Senior Vice President,
Treasurerjohn.stakel@westrock.com
Media: Chris Augustine, 470-328-6305Director, Corporate
Communications mediainquiries@westrock.com
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