Greif, Sonoco Raise Prices For Uncoated Recycled Board Greif and Sonoco recently announced price increases for uncoated recycled paperboard (URB) products. Delaware, Ohio based Greif, Inc. said it will implement a $50 to $70 per short ton increase for all grades of URB products effective with new orders and shipments on and after July 8. Greif said the rate hike is in response to increased raw material, energy, labor, and transportation, as well as in- creasing demand for URB. Hartsville, South Carolina based Sonoco said it would implement a $70/ton price increase for all grades of URB in the United States and Canada, with shipments beginning July 10. This price action is necessary to offset increased input costs, the company said. International Paper, Cascades, Pratt Industries, Packag- ing Corporation of America and WestRock implemented linerboard price hikes that have been in effect since Jan- uary 1 this year. The IP, WestRock, and Cascades increases are $70 per ton on linerboard and $110 per ton on corrugating medium. PCA’s increase is $70 per ton on linerboard and $100 per ton for medium. Pratt’s increase is $75 per ton on liner- board and $110 per ton on medium. These producers represent nearly 70 percent of North American containerboard capacity, according to Fastmar- kets.com . WestRock Stockholders Approve Combination With Smurfit Kappa Atlanta, Georgia based WestRock Company, a provider of sustainable fiber-based paper and packaging solu- tions, recently announced that, based on the preliminary vote count, WestRock stockholders voted to approve the Transaction Agreement and other proposals related to the combination of Smurfit Kappa Group and WestRock at We- stRock’s Special Meeting of Stockholders. Pursuant to the terms of the Transaction Agreement entered into on September 12, 2023, Smurfit WestRock said it will acquire Smurfit Kappa by means of a scheme of arrangement under the Companies Act 2014 of Ireland and Sun Merger Sub, LLC, a wholly owned subsidiary of Smurfit WestRock, will merge with and into WestRock, with WestRock surviving the merger and becoming a wholly owned subsidiary of Smurfit WestRock. If the Merger contemplated by the Transaction Agree- ment is completed, the common stockholders of WestRock will receive one new Smurfit WestRock share and $5.00 in cash for each share of common stock of WestRock. Completion of the Combination remains subject to cer- tain conditions, as described in a transaction agreement. For more information, visit westrock.com .
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www.boardconvertingnews.com
June 24, 2024
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