WestRock to divest home, health and beauty businesses
By Canadian Packaging staff
General Silgan Holdings Inc. WestRock CompanySilgan Holdings to purchase various WestRock entities.
NORCROSS, GA—WestRock Company has entered into a definitive purchase agreement with Silgan Holdings Inc. under which Silgan will purchase WestRock’s Home, Health and Beauty business for US$1.025 billion in cash plus the assumption of approximately $25 million in foreign pension liability. WestRock expects to receive net after-tax proceeds from the divestiture of approximately $1 billion.
“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,” says WestRock chief executive officer Steve Voorhees. “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.”
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 companies expect to close the transaction, subject to necessary government and regulatory approvals, in the quarter ending March 31, 2017. Additional financial information, including the expected impact to WestRock’s 2017 results, will be provided upon the closing of the transaction.
About WestRock
WestRock provides differentiated paper and packaging solutions. Its 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.
Image purchased via www.fotolia.com.
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