01.23.17
WestRock Company has announced that Silgan Holdings Inc. will purchase WestRock’s Home, Health and Beauty business for $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,” said Steve Voorhees, chief executive officer of WestRock. “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.
“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,” said Steve Voorhees, chief executive officer of WestRock. “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.
