US packaging company WestRock will buy Multi Packaging Solutions International Ltd (MPS) for about $1.39 billion to boost its portfolio of products that serve the spirits, confectionary and cosmetics markets.
This deal is one several moves over the past year made to streamline its portfolio and focus on its core paper and packaging businesses. On Monday, WestRock sold the part of its business which designs and produces value added dispensing systems and closures for the global home care, lawn and garden, personal care, beauty, fragrance and healthcare markets to Silgan Holdings for just over $1 billion.
The WestRock/MPS deal continues the consolidation trend in the packaging industry globally. WestRock itself was created in 2015 by the $16 billion merger of MeadWestvaco and Rock-Tenn. MPS’ most recent acquisition in the UK is AJS Labels, which joined the MPS stable in November last year.
Steve Voorhees, chief executive officer of WestRock, said, ‘Through this transaction, we will add a leader in the value-added packaging sector that strengthens our differentiated portfolio of paper and packaging solutions.’
