WestRock announces acquisition of SP Fiber Holdings, Inc.
WestRock Company (westrock.com) has entered into a definitive agreement to acquire SP Fiber Holdings, Inc. ("SP Fiber"), a producer of recycled containerboard and kraft and bag paper with mills located in Dublin, Georgia, and Newberg, Oregon. WestRock will also acquire SP Fiber's 48 percent interest in Green Power Solutions of Georgia, LLC (GPS). GPS is a renewable energy joint venture providing energy to Georgia Power and steam to the paper mill in Dublin. The total value of this transaction is $288.5 million.
"The Dublin and Newberg mills will balance the fiber mix of our mill system and the addition of kraft and bag paper will diversify our product offering," says Steve Voorhees, chief executive officer of WestRock. "We expect to apply our operating capabilities to improve the cost structure of both mills. As a result, our mill system will be better positioned to serve the increasing demand for lighter weight containerboard and kraft paper."