WestRock continued its portfolio transformation with the completion of the sale of the Home, Health and Beauty business, generating net after-tax proceeds of approximately $1 billion, as well as the sale of $97 million of Land and Development assets.
It also announced its agreement to acquire Multi Packaging Solutions International Limited for a total enterprise value of approximately $2.3 billion.
“We executed well during the March quarter and delivered year-over-year productivity improvements of $103 million and strong earnings,” said Steve Voorhees, WestRock’s CEO. “While higher input costs may persist, favorable price and demand trends along with WestRock’s unique portfolio of products and capabilities position us well to drive value for our customers and stockholders. We are looking forward to adding Multi Packaging Solutions to our portfolio, which is currently expected to occur by the end of the June quarter.”