WestRock To Close Paper Mill In Tacoma, Washington
CD&R Affiliate To Acquire Veritiv Corporation
Atlanta, Georgia based WestRock Company announced that it will permanently close its paper mill in Tacoma, Washington, at the end of September as part of a strategy to consolidate production at more than 300 of its facilities worldwide. The company has pointed to high operating costs and the need for significant capital invests as factors in closure of the mill where 400 employees work. “WestRock is working to optimize our operational foot- print and consolidate production in order to improve our return on invested capital, and we have made the difficult decision to close the Tacoma mill as part of this effort,” said David B. Sewell, Chief Executive Officer at WestRock. “One of the most critical factors we consider when making the difficult decision to close a facility is the impact it will have on the lives of our team members, and we are committed to assisting our Tacoma team with exploring roles at other WestRock locations and nearby companies.” The Tacoma mill produces kraft and white top liner and bleached pulp for a combined annual capacity of 510,000 tons. WestRock said the majority of its kraft and white top liner will be transitioned to other mills that serve its North America and international markets. The shutdown will re- duce approximately 60,000 tons of pulp and 25,000 tons of specialty grade capacity a year.
Atlanta, Georgia based Veritiv Corporation, a distributor of packaging, facility solutions and print products, an- nounced that it has entered into a definitive agreement to be acquired by an affiliate of Clayton, Dubilier & Rice, LLC. Each share of Veritiv common stock issued and outstand- ing immediately prior to the closing of the transaction will be entitled to receive $170 per share in cash, represent- ing a nearly 31 percent premium over Veritiv's 30-day vol- ume-weighted average price of $129.89. “This agreement is a pivotal moment in Veritiv's history,” said Sal Abbate, Chief Executive Officer of Veritiv. “CD&R's interest in our company is a testament to our team's hard work, innovation, and dedication. Fueled by this partner- ship, we will continue to evolve towards our greatest po- tential, delivering innovative and sustainable solutions to our customers today — and into the future.” Rob Volpe, Partner at CD&R, said that Veritiv is a well-positioned industry leader with differentiated capabil- ities that deliver value to customers. “We look forward to supporting Veritiv's talented leadership team in this next phase of the company's growth, as they continue to pur- sue their long-term strategic objectives while maintaining an unwavering commitment to employees, suppliers, and customers,” Volpe said.
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August 14, 2023
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