WestRock to Acquire Assets of Island Container, Combined Container Industries
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WestRock Co., Norcross, GA., USA, this week announced that it has entered into agreements to acquire substantially all of the assets of Island Container Corp. and Combined Container Industries LLC, which together are independent producers of corrugated boxes, sheets, and point-of-purchase displays.
The assets to be acquired include a corrugator and the corrugated converting operations located in Wheatley Heights, N,Y., and certain related fulfillment assets located in Saddle Brook, N.J.
"Island Container and Combined Container have longstanding relationships with customers in cosmetic, pharmaceutical, and food markets in the northeastern U.S., and we look forward to continuing these relationships," said Steve Voorhees, CEO of WestRock. "This acquisition will enable us to integrate more than 80,000 tons of containerboard into our corrugated packaging business."
WestRock will pay total consideration representing an EBITDA multiple of less than 4.5 times on a post-synergy basis. The consideration will be made in cash. The transaction is subject to customary closing conditions.
WestRock’s 45,000 employees support customers around the world from more than 300 operating and business locations spanning North America, South America, Europe, and Asia.
