Sustainable packaging giant Smurfit Westrock has started trading on the New York Stock Exchange today after the completion of the previously announced combination of Smurfit Kappa and WestRock last year.
Smurfit Westrock operates in 40 countries and has an workforce of over 100,000.
"Combining Smurfit Kappa and Westrock creates a world-leading sustainable packaging player, bringing together a tremendous depth of experience and expertise from both companies," Tony Smurfit, Smurfit Westrock's chief executive.
"We believe that this combination has created the 'go-to' leader and partner of choice in sustainable packaging. I'm proud to be chosen to lead this great team of people," he said
"The shareholders of both Smurfit Kappa and Westrock have overwhelmingly supported our combination. Smurfit Westrock has a unique geographic footprint and through our industry leading applications, an unparalleled ability to provide value for our customers," Ken Bowles, Smurfit Westrock's Chief Financial Officer, said.
Mr Bowles also said today that consumer demand is coming "along nicely" and at similar levels in the second quarter to the growth seen in the first three months of the year.
Prior to Smurfit Kappa and Westrock completing their merger and commencing trading on the New York Stock Exchange today, Smurfit Kappa had reported 3% volume growth in Europe in the first quarter, and US based WestRock a rebound in demand.
"There's no massive ramp up in anything, but it's tipping along nicely in that sense, the world has not got itself back to an incredibly happy place but what we would have seen as we moved through the second quarter was very similar to the first quarter," Ken Bowles told Reuters in an interview.
Earlier today, the listing and trading of Smurfit Kappa shares were cancelled on Euronext Dublin as the $20 billion tie-up with US competitor Westrock concluded.
While listed in New York and London, the combined Smurfit Westrock will still be domiciled in Ireland, though, with its global headquarters in Dublin.
Smurfit Kappa, which operated in 22 European countries and 13 in South, Central and North America, was Europe's largest paper and packaging producer. WestRock was the second-largest packaging company in the US.
The companies' combined adjusted revenue was about $34 billion for the year ended June 30.
Paddy Power owner Flutter Entertainment and building materials giant CRH have also left Euronext Dublin in recent months in favour of US listings.
