Displaying items by tag: westrock

Paper and packaging company partners to preserve forestlands and freshwater in Virginia and Tennessee

The Nature Conservancy and WestRock Foundation announced a partnership for two conservation projects in Southeast Virginia and along the Cumberland Plateau in Tennessee. Aligning with The Nature Conservancy, whose mission is to conserve lands and water for people today and for future generations, further demonstrates WestRock’s commitment to sustainable forestry and environmental stewardship.

2015 10 18 094836“The Nature Conservancy thanks the WestRock Foundation for their generous support of our goal to restore longleaf pine forest in Virginia,” said Bill Kittrell, acting Director of The Nature Conservancy in Virginia. “This gift will allow us to expand the Big Woods Conservation Area and protect vital floodplain forest along the Nottaway river, which will preserve water quality, support rare species like the red-cockaded woodpecker, and one day be home to the returning longleaf pine tree.”

The WestRock Foundation’s funding in Virginia will help The Conservancy establish conservation easements over 10,000 acres of forestland along the Nottoway River and nearby Big Woods Conservation Area. These easements will preserve high-quality, ecologically diverse floodplain forest and support the restoration of longleaf pine savannas, home to rare red-cockaded woodpeckers and bobwhite quail. In addition to the forest and wildlife benefits of this project, a portion of the targeted conservation region includes acreage in one of the most biologically diverse stretches of the Nottoway River, which is a tributary of the Albemarle Sound. River protection resulting from the project will benefit freshwater flows into the Albemarle Sound estuary, which supports a variety of recreational and commercial uses.

“With the support of the WestRock Foundation, The Nature Conservancy will also be able to preserve critical forestlands and important streams across Tennessee’s Cumberland Plateau,” said Terry Cook, State Director for The Nature Conservancy in Tennessee. “Our scientific analysis has enabled us to target biologically rich and resilient forest areas that we will protect through acquisition and sustainable forestry agreements with private landowners. Thanks to the WestRock Foundation, these forests will remain intact and healthy, benefitting people as well as many imperiled species that live there.” 

In Tennessee, the WestRock Foundation’s funding will support land acquisition for conservation, along with efforts to grow forest certifications and increase participation in The Conservancy’s Working Woodlands program in the Cumberland Plateau. Working Woodlands is designed to empower private landowners to conserve their lands as working forests while improving forest management and water quality in headwater streams through the application of forestry best management practices.

“The initiatives, and the WestRock Foundation’s pledge, speak to the importance of shared goals,” says Kevin Hudson, senior vice president, WestRock and board member of the WestRock Foundation. “The mission and work of The Nature Conservancy and the WestRock Foundation’s commitment to sustainable forest management and environmental stewardship all align to promote sustained forest health, wildlife diversity and water quality for this generation and those to come.”

About The Nature Conservancy
The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions to our world's toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at unprecedented scale, and helping make cities more sustainable. Working in more than 65 countries, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.

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.

Published in North American News
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WestRock Company (NYSE:WRK) and Multi Packaging Solutions International Limited (NYSE:MPSX) (“MPS”) has announced that a definitive agreement has been reached for WestRock to acquire all of the outstanding shares of MPS 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. This enterprise value represents a trailing twelve-month adjusted EBITDA multiple as of September 30, 2016, of 9.6 times, and 7.1 times including anticipated synergy and performance improvements. The acquisition is expected to be immediately accretive to WestRock’s financial results, both on an earnings per share basis and cash flow basis, inclusive of purchase accounting adjustments.

2015 10 18 094836Founded in 2005, and headquartered in New York, NY, MPS is a recognized leading global provider of print-based specialty packaging solutions. MPS’ differentiated product offering includes premium folding cartons, inserts, labels, and rigid packaging, and it serves a diverse, blue chip customer base, primarily in the growing consumer and healthcare sectors. The company serves its customers on a global basis through 59 locations across North America, Europe and Asia. On a trailing twelve-month basis as of September 30, 2016, MPS generated revenue of $1.6 billion and Adjusted EBITDA of $237 million.

The transaction will be financed through a combination of cash on hand and existing credit facilities. WestRock expects to refinance existing MPS debt assumed as part of the transaction upon closing.

“The acquisition of MPS is an important step forward that advances our strategy and will create significant value for our customers, employees and shareholders,” said Steve Voorhees, chief executive officer of WestRock. “Through this transaction, we will add a leader in the value-added packaging sector that strengthens our differentiated portfolio of paper and packaging solutions. Led by their talented management team, MPS shares our commitment to provide our customers with differentiated packaging solutions that help them win in the marketplace.

“The combination of WestRock and MPS creates opportunities to drive margin expansion and enhanced financial returns through a combination of increased integration and identified synergies,” Voorhees added. “Overall, this is a highly strategic transaction consistent with our balanced capital allocation strategy that we expect will generate compelling growth and returns. We have the right team in place with deep integration experience to fully realize this opportunity.”

“The MPS family is excited to join WestRock and take this logical next step in the progression of our company,” said Marc Shore, chief executive officer and founder of MPS. “Becoming part of WestRock greatly enhances the portfolio of products we can offer our customers and provides additional scale, resources and capabilities.”

Marc Shore and Dennis Kaltman, president, MPS, will join WestRock as part of the transaction.

Strategic Benefits

The transaction builds on WestRock’s industry-leading consumer packaging platform and accelerates its strategy to be the premier partner and unrivaled provider of winning solutions to its customers:

  • Broadened product capabilities and expanded presence in targeted end markets.
  • MPS brings strong complementary print, graphics and design capabilities that will enhance WestRock’s presence in the growing healthcare and consumer markets that includes spirits, confectionary, beauty and cosmetics. These markets collectively represented 90% of MPS revenue in fiscal 2016. The acquisition will also further broaden WestRock’s differentiated product portfolio, and significantly strengthens WestRock’s presence in attractive markets that will allow its brands to differentiate themselves with new applications and new technologies.
  • Significant opportunities for operational synergies and margin expansion.
  • MPS is one of the largest non-integrated consumers of bleached paperboard in the world, using approximately 225,000 tons of paperboard each year in its production facilities. The acquisition will create opportunities to integrate between 35% and 45% of this consumption. In total, these opportunities are expected to generate $85 million in run-rate synergies by the end of fiscal 2019.

The transaction is subject to a vote by MPS’ shareholders and is expected to close in WestRock’s third quarter fiscal 2017, subject to the receipt of applicable regulatory approvals and other customary closing conditions. The two largest shareholders of MPS, representing approximately 57% of the shares outstanding, have agreed to vote all of their shares in favor of the transaction.

PJT Partners served as financial adviser to WestRock in the transaction and provided its board of directors a fairness opinion.  Lazard advised WestRock on certain matters related to the transaction. BofA Merrill Lynch acted as MPS’ exclusive financial advisor in connection with this transaction.

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

About Multi Packaging Solutions
MPS (NYSE:MPSX) is a leading global provider of value-added packaging solutions to a diverse customer base across the healthcare, consumer and multi-media markets. MPS provides its customers with an extensive array of print-based specialty packaging solutions, including premium folding cartons, inserts, labels and rigid packaging across a variety of substrates and finishes. MPS has 59 manufacturing locations across North America, Europe and Asia and employs approximately 8,800 people.

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WestRock Company (NYSE:WRK) has just unveiled a connected packaging solution for smart products that combines Digimarc’s enabled barcode technology, with EVRYTHNG’s IoT Smart Products Platform to bring embedded, real time, connected digital intelligence to billons of WestRock packages, in-store signs and displays produced annually.

WestRock’s Connected Packaging Solutions, developed through a collaboration between WestRock, EVRYTHNG and Digimarc, will be demonstrated in Digimarc’s booth (#4402) at the National Retail Federation’s (NRF) Annual Convention & EXPO, nicknamed "Retail's BIG Show”.

2017-01-13 100432

As part of this smart packaging collaboration for paper-based consumer packaged goods (CPG) products, WestRock, a leading provider of differentiated paper and packaging solutions, will print Digimarc Barcodes that can be scanned by smartphones, point of sale scanners, and other machine vision devices. Digimarc Barcodes are essentially invisible barcodes repeated across the entire surface of packages and other media. These ‘digital triggers’ are integrated with the EVRYTHNG market-leading IoT Platform, giving each physical package a unique Active Digital Identity (ADI) and data profile in the cloud.

“WestRock’s Connected Packaging Solutions brings new levels of real-time interactivity to paper based consumer packages globally,” said Craig Gunckel, President, WestRock’s Enterprise Solutions and Displays business segments. “The combination of smart packaging, powered by smart software in the cloud, makes literally billions of packaged goods more intelligent, more interactive, more trackable and more valuable to CPG companies, retailers and their customers.”

According to SmithersPira, the intelligent package market is expected to be worth over $2 billion by 2021, with expected growth to be at least 18% annually. Connected packaging offers many advantages over current conventional packaging, such as reduced counterfeiting, real-time product tracking and analytics, a direct digital path to the end consumer for ongoing relationships, easy implementation, extended shelf life, and increased safety coupled with low cost, among others.

"By digitally-enabling the smart product packaging at point of manufacture, we can add real-time connected intelligence to any physical product throughout its lifecycle,” explained Niall Murphy, Founder and Chief Executive Office of EVRYTHNG. “We’re building the world’s biggest ecosystem of strategic packaging and labeling partners across different material types and industries to realize our vision of consumer products that are #BornDigital™.”

“Our collaboration with WestRock and EVRYTHNG is another step in delivering of our Intuitive Computing Platform based on Digimarc Barcode,” said Bruce Davis, CEO at Digimarc. “This collaboration will expedite development of interactive packaging for progressive brands, which will benefit from more accurate inventory tracking, faster retail sales, and direct communications with consumers.”

For more information on WestRock’s Connected Packaging Solutions, please contact your WestRock account representative, or visit www.westrock.com/connectedpackaging

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

About Digimarc

Digimarc Corp. (NASDAQ:DMRC), based in Beaverton, Oregon, is the inventor of the Digimarc Discover® platform featuring the imperceptible Digimarc Barcodes for automatically identifying and interacting with virtually any media. The platform enables industrial scanners, smartphones, tablets and other computer interfaces to reliably, efficiently and economically identify traditional barcoded items, along with many other media objects. Digimarc Barcodes are imperceptible to people and do all that visible barcodes do, but perform better. They can be applied to virtually all forms of media. These remarkable capabilities have allowed Digimarc and its business partners to supply a wide range of patented consumer engagement, media management and security solutions across multiple consumer and government industry sectors. Digimarc owns an extensive intellectual property portfolio, with patents in digital watermarking, content identification and management, media object discovery, and intuitive computing more generally. For more information and the latest news, please visit www.digimarc.com

About EVRYTHNG

EVRYTHNG is the Internet of Things Smart Products Platform connecting consumer products to the Web, and managing real-time data to drive applications. The world’s leading consumer product manufacturers work with EVRYTHNG to manage billions of intelligent online identities in the cloud for their products, deliver real-time interactive experiences and support services to consumers, and connect with the ecosystem of other applications and products in their digital lives. To find out more about how EVRYTHNG’s award-winning IoT cloud platform delivers better consumer-product experiences and smarter product operations, please visit www.evrythng.com

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WestRock Company has just announced it will settle $2.5 billion in pension obligations of the WestRock Company Consolidated Pension Plan (“Plan”).  This transaction, which is expected to close in late September and is subject to closing conditions, will occur through the purchase of a group annuity contract using Plan assets that will transfer payment responsibility for retirement benefits owed to approximately 35,000 U.S. retirees and their beneficiaries to The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (NYSE:PRU). This settlement will reduce WestRock’s overall U.S. pension obligations by approximately 40%. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries are not changing. Those Plan participants not included in the transaction are staying in the Plan.

2015 10 18 094836“WestRock is committed to the long-term financial health of the Plan and has taken steps to protect all participants of the Plan,” said Ward Dickson, WestRock’s chief financial officer.  “This transaction represents a further step towards managing future pension cost and risk, benefiting participants remaining in the Plan while entrusting certain retirees’ and their beneficiaries’ pensions to a financially strong and secure institution with expertise in the long-term management of retirement benefits.”

After the annuity purchase, the Plan is expected to remain in a strong, overfunded financial position. WestRock will not make any cash contributions into the Plan to affect this transaction and, at this time, does not expect to make any future cash contributions.  Additionally, WestRock does not expect any unfavorable impact to its fiscal 2017 pension income as a result of this transaction.

As part of the transaction, State Street Global Advisors (SSGA), a leading independent fiduciary services firm, was appointed as the independent fiduciary to represent the interests of all Plan participants and beneficiaries and objectively select the safest available annuity pursuant to procedures established by the U.S. Department of Labor. SSGA selected a Prudential contract that provides an additional safeguard by segregating assets in a separate account dedicated to the payment of benefits to Plan retirees and their beneficiaries transferred to Prudential. Key advisors to SSGA included AonHewitt Investment Consulting and K&L Gates LLP.

Key advisors to WestRock included: Mercer as lead strategic advisor, Goldman Sachs Asset Management as Outsourced Chief Investment Officer of the Plan and each of Covington & Burling LLP and Mazursky Constantine LLC as legal counsel.

No action is required on the part of retirees and beneficiaries. Affected retirees and beneficiaries will soon receive detailed information packages. 

About WestRock
WestRock (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. 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. For more information, visit www.westrock.com.

About Prudential

Prudential Retirement delivers retirement plan solutions for public, private and non-profit organizations. Prudential Retirement is a business unit of The Prudential Insurance Company of America (PICA), Newark, NJ, and Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, both of which are Prudential Financial companies. Services include defined contribution, defined benefit and non-qualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.1 million participants and annuitants. Prudential Retirement has $374.9 billion in retirement account values as of Jun. 30, 2016. Prudential Financial, Inc. (NYSE:PRU), a financial services leader with over $1 trillion of assets under management as of June 30, 2016, has operations in the United States, Asia, Europe, and Latin America.  Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com. Insurance products are issued by PICA and PRIAC, both of which also provide retirement products and services. Each company is solely responsible for its financial condition and contractual obligations.

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2016 05 20 073007

Ingevity Corporation (NYSE: NGVT) has just announced that it has begun operations as a standalone, publicly traded company, following a tax-free spinoff from WestRock Company (NYSE: WRK). Starting today, the “regular” trading of Ingevity common stock on the New York Stock Exchange (NYSE) commenced under the symbol “NGVT.”

Ingevity is the specialty chemicals division of WestRock, formerly MeadWestvaco, and is a leading global manufacturer of specialty chemicals and high-performance carbon materials headquartered in North Charleston, S.C. The company operates eight manufacturing facilities in the United States, Brazil and China, with a global network of technical centers, sales offices, warehouses and distribution facilities, and employs approximately 1,500 people. Revenues for the division were $968 million in 2015.

“We are excited about the opportunities that being a standalone company will provide us,” said Michael Wilson, president and CEO, Ingevity. “For the past 100 years, our business has been part of larger paper and packaging companies. Now, as an independent company, Ingevity will have the strategic flexibility and financial resources to pursue multiple avenues of growth. We are poised to build upon our legacy of innovation and success and look forward to driving profitable growth and creating value for our new shareholders.”

The separation occurred by means of a pro-rata distribution of all of the stock of Ingevity to WestRock stockholders. Under the terms of the separation, stockholders who held WestRock stock as of the close of business on May 4, 2016, the record date for the distribution, received one share of Ingevity common stock for every six common shares of WestRock. This distribution occurred on May 15, 2016. No fractional shares of Ingevity stock were issued.

Since May 2, 2016, Ingevity shares have traded on a “when-issued” basis on the New York Stock Exchange, under the symbol “NGVT.WI,” permitting investors to trade the right to receive Ingevity shares in the distribution. “When-issued” trading of common shares ended at the close of the market on May 13, 2016.

Ingevity: Purify, Protect and Enhance

Ingevity (NYSE: NGVT) provides specialty chemicals and high-performance carbon materials and technologies that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, printing inks and automotive components that reduce gasoline vapor emissions. Through a team of talented and experienced people, Ingevity develops, manufactures and brings to market products and processes that purify, protect and enhance the world around us. Headquartered in North Charleston, S.C., Ingevity operates from 25 locations around the world and employs approximately 1,500 people. For more information, visit www.ingevity.com.

Published in North American News

Companies combine operations to form leading paper and packaging company in Mexico

2016 04 05 065750Grupo Gondi and WestRock (NYSE:WRK) have just announced that they have completed the formation of a joint venture combining their paper and packaging operations in Mexico. The combination was recently approved by Mexico’s Antitrust Authority, the Comisión Federal de Competencia Económica (COFECE), and the companies will begin operating in Mexico as a single entity immediately.

About Grupo Gondi

Grupo Gondi is one of the leading paper packaging suppliers in the Mexican market, with 13 plants in Mexico, supplying innovative paper packaging solutions to over 750 customers. Learn more about Grupo Gondi at www.grupogondi.com.

About WestRock

WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock’s 41,000 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 westrock.com.

Grupo Gondi Contacts

Francisco Rodriguez
Chief Financial Officer
52 55 52496020
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Mauricio Monjardin
Commercial Director
52 55 52496025
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WestRock Contacts

John Stakel
Senior Vice President, Treasurer
678-291-7901
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2015 10 18 094836Grupo Gondi and WestRock (NYSE:WRK) have been authorized by COFECE to implement the agreement which will allow them to combine their operations in Mexico to form a strategic alliance, creating the leading packaging company in the country.  The parties expect to close the transaction in early April.

After the closing, Grupo Gondi will have 13 plants including three WestRock corrugated packaging facilities in Mexico.

WestRock, is a leader in the paper and packaging industry, and will contribute three plants located in Mexicali, Monterrey and Queretaro, and a cash contribution in exchange for a 25% equity participation in Grupo Gondi.

As the majority shareholder in this joint venture, Gondi’s management team, led by Eduardo Posada, will be responsible for the management of the joint venture. WestRock will offer technical and commercial support, and will work with Gondi to support multinational customers located in Mexico. With this integration Gondi Group will employ approximately 6,800 people.

"With this authorization Gondi expands its presence in the Mexican market by offering better alternatives to our customers with advanced technology and an expanded portfolio of solutions for paper packaging. We have a proven ability to provide our customers with an excellent service level and innovation. Through this partnership, we will continue our growth and expand our national presence,” said Eduardo Posada, chief executive officer of Grupo Gondi.  

“Grupo Gondi offers packaging solutions through a balance of robust and structural design and high graphics, combined with constant innovation that helps to highlight the brands of our customers. In Mexico, we are the packaging company that goes beyond a traditional box to a packaging solution that helps sell the product it contains,” continued Posada.

“We are pleased to join our WestRock paperboard packaging operations in Mexico with Grupo Gondi," said Steve Voorhees, chief executive officer of WestRock. “With this new joint venture, WestRock will accelerate the expansion of our business in this region with a partner that shares our commitment to providing innovative, high-quality packaging solutions for our customers.”

"With this step Grupo Gondi reaches one of its main goals in establishing this strategic alliance with WestRock and continues to strengthen its value as the best choice of packaging in Mexico. Every day we are more confident and optimistic about the opportunities to grow this business together," said Alejandro González Cimadevilla, Grupo Gondi’s chairman of the board.

About Gondi

Gondi is the main leader in the paper and packaging industry in the Mexican market. With this integration, the company has 13 plants in the country and offers innovative paper packaging solutions to more than 650 customers.

Learn more about Gondi in www.grupogondi.com

About WestRock

WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock's 41,000 team members support customers around the world from approximately 250 operating and business locations spanning North America, South America, Europe and Asia. Learn more at www.westrock.com.

Published in South American News
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Wednesday, 09 March 2016 10:00

WestRock Names Board of Directors for Ingevity

2015 10 18 094836WestRock Company (NYSE:WRK) has just announced that it has named a board of directors for Ingevity, the company’s specialty chemicals business that is expected to become a publicly traded company as the result of a spin-off from WestRock. The Ingevity board includes seven members with extensive operations and corporate governance experience, including many in the chemical industry.

Richard B. Kelson will serve as the board’s chairman. Kelson is currently chairman, president and CEO of ServCo, LLC, a strategic sourcing and supply chain firm based in New York City. He was executive vice president and chief financial officer for Alcoa, Inc., for nearly a decade, retiring in 2006. He also served as a member of the board of directors of MeadWestvaco Corporation and its predecessor Westvaco from 2001 to 2015. Kelson is also on the boards of PNC Financial Services Group, Inc. and Commercial Metals Company.

Jean S. Blackwell, is a former 16-year executive with Cummins Inc., a manufacturer of diesel and natural gas engines, power generation equipment and other power systems and supplies. She served as executive vice president of corporate responsibility and CEO of the Cummins Foundation; executive vice president and CFO; vice president, business services; vice president, human resources; and vice president and general counsel. Blackwell serves as a member of the board of directors of specialty materials company Celanese Corporation and business products distributor Essendant Inc.

Luis Fernandez-Moreno, is senior vice president of Ashland Inc., a specialty chemical company, and president of its Chemicals Group. During his career with Ashland, Fernandez-Moreno has served as president of Ashland Specialty Ingredients and as president of Ashland Water Technologies. Prior to joining Ashland, he was executive vice president of HTH Water Products & Wood Protection for Arch Chemicals, Inc., and before that spent approximately 25 years with chemical producer Rohm & Haas Company.

J. Michael Fitzpatrick, Ph.D., is former chairman and CEO of Citadel Plastics Holding, Inc., a global provider of thermoplastic and engineered composite compounds. Prior to joining Citadel, Fitzpatrick was a 30-year executive with Rohm & Haas Company, serving most recently as president and chief operating officer. He is a member of the board of directors of McCormick & Company, a manufacturer of spices, herbs and flavorings, and packaging company NOVOLEX.

Frederick J. Lynch is president, CEO and board member of Masonite International Corporation, a global manufacturer of interior doors and entry door systems. Prior to joining Masonite, Lynch was with Alpharma Inc., where he served as president, human generics division and senior vice president, global supply chain. Before that, Lynch spent nearly 18 years at Honeywell International Inc., most recently as vice president and general manager of its specialty chemical business.

Daniel F. Sansone, is a former 26-year executive with Vulcan Materials Company, a U.S. producer of construction aggregates, concrete, asphalt mix and cement. While with Vulcan, Sansone was executive vice president of strategy, executive vice president and CFO, and corporate controller. Prior to Vulcan, Sansone served in various roles with Monroe Auto Equipment, FMC Corporation and Kraft Incorporated. 

Michael Wilson, Ingevity’s president and CEO, will also serve on the board. “Our newly appointed board is comprised of senior executives with diverse functional strengths and outstanding leadership experience in specialty chemicals and industrial markets,” said Wilson. “I am looking forward to working with this distinguished group to establish Ingevity as a leader in specialty chemicals and high-performance carbon materials and technologies.”

About WestRock

WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock’s 41,000 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.

Ingevity: Purify, Protect and Enhance

Ingevity provides specialty chemicals and high-performance carbon materials and technologies that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks and automotive components that reduce gasoline vapor emissions. Through a team of talented and experienced people, Ingevity develops, manufactures and brings to market products and processes that purify, protect and enhance the world around us. Headquartered in North Charleston, S.C., Ingevity operates from 25 locations around the world and employs approximately 1,500 people. Ingevity is the specialty chemicals business of WestRock which is traded on the New York Stock Exchange (NYSE:WRK). For more information, visit www.ingevity.com.

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Thursday, 21 January 2016 08:52

WestRock Completes Acquisition of Cenveo Packaging

2015 10 18 094836WestRock Company (NYSE:WRK) has just announced that it has completed the acquisition of Cenveo Packaging, a leading provider of value-add folded carton and litho-laminated display packaging solutions. Cenveo Packaging is a division of Cenveo, Inc. (NYSE:CVO).

Through this transaction, WestRock has acquired seven facilities in North America with capabilities including MiraFoil ®, cold foil and low migration ink systems.

“Cenveo Packaging is an excellent addition to our folding carton and merchandising displays business,” said Craig Gunckel, executive vice president, Merchandising Displays and Folding Carton, Packaging Solutions, WestRock. “By combining WestRock paperboard with Cenveo’s packaging and printing capabilities, we expect to be able to further enhance the solutions that we are able to provide to our customers.”

The transaction is expected to generate significant synergies and be accretive to WestRock’s earnings immediately.

About WestRock
WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock’s 41,000 team members support customers around the world from 268 operating and business locations spanning North America, South America, Europe and Asia. Learn more at www.westrock.com 

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2015 10 18 094836Grupo Gondi and WestRock (NYSE:WRK) have agreed to combine their operations in Mexico to form a joint venture, creating a leading paper and packaging company in the country.

Grupo Gondi currently operates ten production sites that hold six paper machines, seven corrugated packaging plants and four modern high graphic folding carton plants with pre-printing capacity.

WestRock, one of the world's leading companies in the paper and packaging industry, operates three facilities in Mexico that produce corrugated packaging. WestRock will contribute these facilities, located in Mexicali, Monterrey and Querétaro, and cash to the joint venture in exchange for a 25 percent equity participation in the combined entity, which will operate as Grupo Gondi.

As the majority shareholder, the Grupo Gondi senior management team, led by Eduardo Posada, will manage the joint venture, and WestRock will provide technical and commercial resources to the combination. The business will employ 6,800 people.

"This joint venture expands Grupo Gondi's ability to serve our customers across Mexico, with state-of-the-art technology and enhanced capabilities in packaging options in paper, corrugated, folding cartons and preprint," said Eduardo Posada, chief executive officer, Grupo Gondi. "We have a demonstrated ability to provide outstanding service and innovation for our customers, and this joint venture enables us to continue to grow and expand our national presence."

"Grupo Gondi is finally fulfilling its dream to joint venture with a partner like WestRock and continue to strengthen its position of being the best packaging option in the market. We are very excited about the possibilities of growing the business together," said Alejandro González Cimadevilla, Grupo Gondi's president and chairman of the board.

"Grupo Gondi shares our enthusiasm for growth opportunities in Mexico and for manufacturing the highest-quality packaging solutions for our customers," said Steve Voorhees, chief executive officer, WestRock. "We are confident in the leadership of this new venture and in our ability to maximize the benefits of this partnership to grow and expand our business in Mexico."

The joint venture will be implemented as soon as the transaction is formally approved by Mexico's Antitrust Authority, the Comisión Federal de Competencia Económica (COFECE).

About Grupo Gondi

Grupo Gondi is one of the leading paper packaging suppliers in the Mexican market, with 10 plants in Mexico, supplying innovative paper packaging solutions to over 650 customers. Learn more about Grupo Gondi at www.grupogondi.com.

About WestRock

WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock's 42,000 team members support customers around the world from approximately 275 operating and business locations spanning North America, South America, Europe and Asia. Learn more at www.westrock.com.

Grupo Gondi Contacts

Francisco Rodriguez
Chief Financial Officer
52 55 52496020
This email address is being protected from spambots. You need JavaScript enabled to view it.

Mauricio Monjardin
Commercial Director
52 55 52496025
This email address is being protected from spambots. You need JavaScript enabled to view it.

WestRock Contacts

John Stakel
Senior Vice President, Treasurer
678-291-7901
This email address is being protected from spambots. You need JavaScript enabled to view it.

Jason Thompson
Director, Investor Relations
804-444-2556
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