Ox Industries, Inc. entered into a definitive agreement to acquire Eaton, IN, and Aurora, IL, uncoated recycled paperboard mills from WestRock Company (NYSE:WRK) for $50 million on November 9, 2022. The consideration of $50 million is subject to a working capital adjustment. In a related transaction, WestRock entered into a definitive agreement to wholly divest its ownership interest in RTS Packaging, LLC along with the mill in Chattanooga, to joint venture partner Sonoco Products Company for $330 million. WestRock plans to use the proceeds from the dispositions to pay down debt and reinvest for growth in their strategic key markets. Upon closing, WestRock team members will transition to employment with Ox Industries, as applicable. The transaction is expected to close in late 2022 or early 2023.
Ox Industries, Inc. completed the acquisition of Eaton, IN, and Aurora, IL, uncoated recycled paperboard mills from WestRock Company (NYSE:WRK) on December 1, 2022.