In line with constant strategic focus on its core paper and packaging solutions businesses, WestRock Company (WRK - Free Report) has completed the previously announced sale of its Home, Health and Beauty business to Silgan Holdings Inc. (SLGN - Free Report) . The net after-tax proceeds from the divestiture of approximately $1 billion will be utilized to fund the previously declared purchase of Multi Packaging Solutions International Limited.
On Jan 23, 2017 the company had announced that it has entered into an agreement with Silgan under which the latter will buy its Home, Health and Beauty business for approximately $1.025 billion in cash plus the assumption of approximately $25 million in foreign pension liabilities.
On Jan 24, 2017, WestRock announced that it will acquire Multi Packaging Solutions International Limited for $18.00 per share in cash and the assumption of an estimated $873 million in net debt, for a total enterprise value of $2.28 billion. Multi Packaging Solutions is a leading global provider of print-based specialty packaging solutions. The acquisition will be immediately accretive to WestRock’s results, both on an earnings per share basis and cash flow basis. The acquisition will strengthen the company’s differentiated portfolio of paper and packaging solutions.
Westrock Company Price