SEATTLE (Scrap Monster): WestRock Company announced that it has completed acquisition of remaining interests in Mexico-based Grupo Gondi, a leading manufacturer of recycled paper and cardboard packaging. Earlier, WestRock had 32.3% of the company. The recent transaction was to secure the remaining 67.7% interest.
The acquisition was for $970 million, plus the assumption of debt. The transaction is immediately accretive to earnings, subject to customary purchase price allocations. It covers several assets, including four paper mills, nine corrugated packaging plants and six high graphic plants across Mexico.
The company press release said that the acquisition will further enhance the company’s leading position in the growing Latin American containerboard, paperboard and consumer and corrugated packaging markets.
David B. Sewell, WestRock president and chief executive officer welcomed Grupo Gondi team to WestRock, saying that it brings tremendous capability and expertise to the company. The addition of Grupo Gondi’s Mexican operations will help it to better serve the Latin American market, he noted.
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