Smurfit WestRock, formed last week from the merger of Smurfit Kappa and US cardboard box-making peer WestRock, is likely to find it “challenging” to integrate both businesses and realise the $400 million of pretax cost synergies in its first full year, according to analysts at Bank of America .
Smurfit Kappa, Ireland’s first multinational group, effectively doubled in size last week as the takeover of WestRock created the world’s largest paper packaging group, with a market value of almost $23.5 billion . Legacy Smurfit Kappa shareholders started off with 50.2 per cent of the enlarged business.
The outlook for the industry has improved significantly from when the merger agreement was announced last September. At the time, box makers were dealing with a slump in demand that followed a global spike in spending on physical goods, from televisions to patio furniture, during pandemic lockdowns.
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