WestRock to buy SP Fiber plus 48% in renewables JV
US paper and packaging firm WestRock Co (NYSE:WRK) has agreed to acquire sector player SP Fiber Holdings Inc along with its 48% in renewable energy supplier Green Power Solutions of Georgia LLC (GPS).
WestRock will pay USD 288.5 million (EUR 259m) in total for the interest in both companies, it said on Tuesday. SP Fiber is a producer of recycled containerboard and kraft and bag paper for end use in consumer and corrugated packaging.
The GPS joint venture supplies energy to local utility Georgia Power and steam to SP Fiber’s paper mill in Dublin, Georgia. The latter also has a mill in Newberg, Oregon.
The transaction will close once the needed regulatory nods are obtained. It is expected to build on WestRock’s earnings in the second half of fiscal 2016.