{"id":709323,"date":"2022-11-09T17:20:16","date_gmt":"2022-11-09T22:20:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/westrock-to-sell-ownership-interest-in-rts-packaging-llc-to-sonoco-agrees-to-sell-urb-mills-in-illinois-and-indiana-to-ox-industries\/"},"modified":"2022-11-09T17:20:16","modified_gmt":"2022-11-09T22:20:16","slug":"westrock-to-sell-ownership-interest-in-rts-packaging-llc-to-sonoco-agrees-to-sell-urb-mills-in-illinois-and-indiana-to-ox-industries","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/westrock-to-sell-ownership-interest-in-rts-packaging-llc-to-sonoco-agrees-to-sell-urb-mills-in-illinois-and-indiana-to-ox-industries\/","title":{"rendered":"WestRock To Sell Ownership Interest in RTS Packaging, LLC to Sonoco; Agrees to Sell URB Mills in Illinois and Indiana to Ox Industries"},"content":{"rendered":"

<\/p>\n

WestRock To Sell Ownership Interest in RTS Packaging, LLC to Sonoco; Agrees to Sell URB Mills in Illinois and Indiana <\/b>to Ox Industries<\/b><\/p>\n

ATLANTA–(BUSINESS WIRE<\/a>)–
\nWestRock Company [NYSE: WRK], a leading provider of sustainable paper and packaging solutions, today announced it has entered into a definitive agreement to wholly divest its ownership interest in RTS Packaging, LLC, to joint venture partner Sonoco Products Company [NYSE: SON] for $330 million, subject to customary price adjustments. In addition, the Company has signed a definitive agreement to sell its uncoated recycled paperboard (URB) mills in Eaton, Indiana, and Aurora, Illinois, to Ox Industries for $50 million.\n<\/p>\n

\nWestRock\u2019s mill in Chattanooga, Tennessee, which supplies RTS with URB, is included in the RTS Packaging transaction. This mill will be strategically integrated into the Sonoco Products Company portfolio. The transaction is expected to close in the first half of 2023, subject to the satisfaction of customary closing conditions, including regulatory approval.\n<\/p>\n

\nThe Eaton and Aurora mills produce URB, which is not a priority product for WestRock, and are optimized assets for Ox Industries, a supplier and manufacturer of recycled paperboard products. The transaction is expected to close in late 2022 or early 2023.\n<\/p>\n

\nWhen the transaction closes, WestRock team members will transition to employment with Sonoco or Ox Industries, as applicable.\n<\/p>\n

\n\u201cThese divestitures align with WestRock\u2019s commitment to optimize its portfolio and focus our strategy on key end markets,\u201d said David B. Sewell, chief executive officer. \u201cI want to thank the teammates in RTS Packaging and our Chattanooga, Eaton and Aurora mills for their numerous contributions to our success over the years. Looking forward, we remain committed to leveraging the power of our broad, diverse portfolio of sustainable paper and packaging solutions to serve our customers and provide value to our shareholders.\u201d\n<\/p>\n

About WestRock<\/b><\/p>\n

\nWestRock (NYSE: WRK) partners with our customers to provide sustainable paper and packaging solutions that help them win in the marketplace. WestRock\u2019s team members support customers around the world from locations spanning North America, South America, Europe, Asia and Australia. Learn more at www.westrock.com<\/a>.\n<\/p>\n

Forward-looking Statements<\/b><\/p>\n

\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our current expectations, beliefs, plans or forecasts and are typically identified by words or phrases such as \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201ctarget,\u201d \u201cprospects,\u201d \u201cpotential\u201d and \u201cforecast,\u201d and other words, terms and phrases of similar meaning. Forward looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. We caution readers that forward-looking statements are not a guarantee of future performance and that actual results could differ materially from those contained in forward-looking statements. Our businesses are subject to a number of risks that would affect any such forward-looking statements. These risks are described in our filings with the Securities and Exchange Commission, including in Item 1A under the caption \u201cRisk Factors\u201d in our annual report on Form 10-K for the year ended September 30, 2021.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20221109005929\/en\/<\/a><\/span><\/p>\n

Media:
\n<\/b>
Robby Johnson, 470-328-6397
\n
Manager, Corporate Communications
\n
robby.b.johnson@westrock.com<\/a><\/p>\n

Investors:
\n<\/b>
Rob Quartaro, 470-328-6327
\n
Senior Vice President, Investor Relations
\n
rob.quartaro@westrock.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Georgia<\/p>\n

INDUSTRY KEYWORDS:<\/b> Packaging Other Natural Resources Forest Products Manufacturing Natural Resources Other Manufacturing<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

WestRock To Sell Ownership Interest in RTS Packaging, LLC to Sonoco; Agrees to Sell URB Mills in Illinois and Indiana to Ox Industries ATLANTA–(BUSINESS WIRE)– WestRock Company [NYSE: WRK], a leading provider of sustainable paper and packaging solutions, today announced it has entered into a definitive agreement to wholly divest its ownership interest in RTS Packaging, LLC, to joint venture partner Sonoco Products Company [NYSE: SON] for $330 million, subject to customary price adjustments. In addition, the Company has signed a definitive agreement to sell its uncoated recycled paperboard (URB) mills in Eaton, Indiana, and Aurora, Illinois, to Ox Industries for $50 million. WestRock\u2019s mill in Chattanooga, Tennessee, which supplies RTS with URB, is included in the RTS Packaging transaction. … <\/p>\n

Continue reading “WestRock To Sell Ownership Interest in RTS Packaging, LLC to Sonoco; Agrees to Sell URB Mills in Illinois and Indiana to Ox Industries”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-709323","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nWestRock To Sell Ownership Interest in RTS Packaging, LLC to Sonoco; Agrees to Sell URB Mills in Illinois and Indiana to Ox Industries - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/westrock-to-sell-ownership-interest-in-rts-packaging-llc-to-sonoco-agrees-to-sell-urb-mills-in-illinois-and-indiana-to-ox-industries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WestRock To Sell Ownership Interest in RTS Packaging, LLC to Sonoco; Agrees to Sell URB Mills in Illinois and Indiana to Ox Industries - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"WestRock To Sell Ownership Interest in RTS Packaging, LLC to Sonoco; Agrees to Sell URB Mills in Illinois and Indiana to Ox Industries ATLANTA–(BUSINESS WIRE)– WestRock Company [NYSE: WRK], a leading provider of sustainable paper and packaging solutions, today announced it has entered into a definitive agreement to wholly divest its ownership interest in RTS Packaging, LLC, to joint venture partner Sonoco Products Company [NYSE: SON] for $330 million, subject to customary price adjustments. In addition, the Company has signed a definitive agreement to sell its uncoated recycled paperboard (URB) mills in Eaton, Indiana, and Aurora, Illinois, to Ox Industries for $50 million. 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