NORCROSS, Ga., Jan. 20, 2016 (GLOBE NEWSWIRE) -- WestRock Company (NYSE:WRK) today announced that it has completed the acquisition of Cenveo Packaging, a leading provider of value-add folded carton and litho-laminated display packaging solutions. Cenveo Packaging is a division of Cenveo, Inc. (NYSE:CVO).
Through this transaction, WestRock has acquired seven facilities in North America with capabilities including MiraFoil ®, cold foil and low migration ink systems.
“Cenveo Packaging is an excellent addition to our folding carton and merchandising displays business,” said Craig Gunckel, executive vice president, Merchandising Displays and Folding Carton, Packaging Solutions, WestRock. “By combining WestRock paperboard with Cenveo’s packaging and printing capabilities, we expect to be able to further enhance the solutions that we are able to provide to our customers.”
The transaction is expected to generate significant synergies and be accretive to WestRock’s earnings immediately.
This 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 "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties.
WestRock cautions readers that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include statements regarding, among other things, our expectations that by combining WestRock paperboard with Cenveo’s packaging and printing capabilities, we will be able to further improve our service to customers, that the Cenveo transaction will generate significant synergies, and the transaction will be accretive to earnings immediately.
With respect to these statements, WestRock has made assumptions regarding, among other things, the results and impacts of the merger of MeadWestvaco and RockTenn and the acquisition of Cenveo Packaging; economic, competitive and market conditions generally; volumes and price levels of purchases by customers; competitive conditions in WestRock's businesses and possible adverse actions of their customers, competitors and suppliers.
Further, WestRock's businesses are subject to a number of general risks that would affect any such forward-looking statements including, among others, decreases in demand for their products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; the occurrence of a natural disaster, such as a hurricane, winter or tropical storm, earthquake, tornado, flood, fire, or other unanticipated problems such as labor difficulties, equipment failure or unscheduled maintenance and repair, which could result in operational disruptions of varied duration; our desire or ability to continue to repurchase company stock; and adverse changes in general market and industry conditions. Such risks and other factors that may impact management's assumptions are more particularly described in our filings with the Securities and Exchange Commission, including in Item 1A under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2015. The information contained herein speaks as of the date hereof and WestRock does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock’s 41,000 team members support customers around the world from 268 operating and business locations spanning North America, South America, Europe and Asia. Learn more at westrock.com.
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Source:WestRock Shared Services, LLC