Mead Westvaco and Rock Tenn merge
Rock-Tenn Company and MeadWestvaco Corporation have entered into a definitive agreement to create a leading global provider of consumer and corrugated packaging.
The impact of USD 300 million in estimated annual synergies, to be achieved over three years, is included in the amount.
“This transaction brings together two highly complementary organizations to create a new, more powerful company with leadership positions in the global consumer and corrugated packaging markets", says Steven C. Voorhees, chief executive officer of RockTenn in a statement.
John A. Luke, Jr., chairman and chief executive officer of MWV, said; “We are creating the leading global provider of consumer and corrugated packaging solutions – and generating significant value for both companies’ shareholders.
The transaction requires the approval of shareholders of both MWV and RockTenn and is subject to receipt of certain regulatory approvals and other customary closing conditions. Both parties target closing the transaction in the second calendar quarter of this year.