rocktenn
joint proxy statement of rocktenn and smurfit - stone that also constitutes a prospectus of rocktenn. rocktenn and smurfit -
”), including the filing by rocktenn of a registration statement on form s - 4 that will include a joint proxy statement of rocktenn and smurfit - stone that also constitutes a prospectus of rocktenn .
learn about working at rocktenn. join linkedin today for free. see who you know at rocktenn, leverage your professional network, and get hired .
norcross - based rocktenn has completed its merger with meadwestvaco to officially become westrock .
existing credit agreements means the existing rocktenn credit agreement and the existing mwv credit agreement .
that structure will leave meadwestvaco investors with 50. 1 percent of the new company and rocktenn stockholders with the remainder, assuming 7 percent of the rocktenn group takes the cash payout .
rocktenn company of canada inc. | canadian meat council - good for you. good for canada .
stakel said rocktenn monitored smurfit - stone' s quarterly reports, and the acquisition became official in january, which made rocktenn north america' s second - largest container - board company behind international paper .
statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. rocktenn
“rocktenn’s acquisition of smurfit - stone is another major step in our transformation of rocktenn to be the most respected company in our business with a laser focus on exceeding our customers’ expectations and creating long term shareholder value, ” james a. rubright, rocktenn’s chairman and chief executive, said in a statement .
since it formed, rocktenn has made about a dozen acquisitions, but three are considered major since 2005 .
proxy statement / prospectus when it becomes available. you can obtain free copies of these documents from rocktenn and
stakel said rocktenn would project to be in the fortune 260 among fortune 500 companies in the next fiscal year .
the final joint proxy statement / prospectus will be mailed to stockholders of rocktenn and stockholders of smurfit - stone .
rocktenn to acquire smurfit - stone container corp. creating a $ 9 billion leader in the north american paperboard packaging market
rocktenn shareholders will own about 56 percent of the combined company, and smurfit - stone shareholders will own 44 percent .
the company rocktenn and meadwestvaco will form, which had not been named as of monday, will have combined sales of $ 15. 7 billion. the new company' s board will include eight directors from rocktenn and six directors from meadwestvaco. rocktenn ceo steven voorhees will become ceo and meadwestvaco chairman and ceo john luke jr. will become non - executive chairman .
the new rocktenn space will be in the current duke realty building in duluth, which has more than 68, 000 square feet .
rocktenn to acquire smurfit - stone container corp. creating a $ 9 billion leader in the north american paperboard packaging market | business wire
the merger will combine two of the biggest names in packaging, creating a company with 9. 4 million tons of production capacity. it will also expand rocktenn’s business in the midwest and west coast. the combined company will keep rocktenn’s headquarters in norcross, ga .
rocktenn chairman and chief executive officer james a. rubright stated, “we are pleased with the strong support that both rocktenn and smurfit - stone shareholders had for this transaction and are excited about the opportunity to create additional value for our customers, shareholders and employees. the acquisition of smurfit - stone brings us one step closer to making rocktenn the most respected and profitable integrated paperboard and packaging company in north america. we welcome the former smurfit - stone customers to rocktenn and look forward to providing them with exceptional product quality and service. ”
rocktenn was formed in a merger between rock city packaging and tennessee paper in 1973. meadwestvaco was formed in a merger between mead corporation and westvaco in 2002. in 2011, rocktenn announced the consolidation of its chicago and metro st. louis operations to gwinnett, bringing 500 new jobs to the community and representing $ 5 million in capital investment. earlier this year, rocktenn and meadwestvaco announced its merger .
the acquisition of smurfit - stone brings us one step closer to making rocktenn the most respected and profitable integrated paperboard and packaging company in north america. we welcome the former smurfit - stone customers to rocktenn and look forward to providing them with exceptional product quality and service .
with more than 500 employees, rocktenn in west point is one of the largest employers in the middle peninsula region. rocktenn is the largest source of tax revenue for west point. by edwards' estimates, it accounted for 40 - 50 percent of the town' s local tax base .
meadwestvaco' s headquarters in richmond, va. rocktenn and meadwestvaco announced on monday that they would combine to form a $ 16 billion packaging company .
in an economic climate where business expansion is rare and job creation is not often delivered, rocktenn is proud to be an aberration to recent trends .
in connection with the proposed transaction, rocktenn and smurfit - stone container corporation will be filing documents with the securities and exchange commission (sec), including the filing by rocktenn of a registration statement on form s - 4 that will include a joint proxy statement of rocktenn and smurfit - stone container corporation that also constitutes a prospectus of rocktenn. rocktenn and smurfit - stone container corporation stockholders are urged to read the registration statement on form s - 4 and the related joint proxy statement / prospectus when they become available, as well as other documents filed with the sec, because they will contain important information. the final joint proxy statement / prospectus will be mailed to stockholders of rocktenn and stockholders of smurfit - stone. investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the sec at the sec' s web site at urltoken, or by contacting rocktenn investor relations at 678 - 291 - 7900 or smurfit - stone container corporation investor relations at 314 - 656 - 5553 .
) - - rocktenn (nyse: rkt) and smurfit - stone container corporation (nyse: sscc) today announced the results of their meetings of shareholders held earlier today. both rocktenn and smurfit - stone shareholders approved the merger as more than 99% of the rocktenn shares that voted at the meeting voted “for” the merger and more than 91% of the smurfit - stone shares that voted at the smurfit - stone meeting voted “for” the merger .
rocktenns chairman and chief executive officer, james a. rubright said rocktenns acquisition of smurfit - stone is another major step in our transformation of rocktenn to be the most respected company in our business with a laser focus on exceeding our customers expectations and creating long term shareholder value. the containerboard and corrugated packaging industry is a very good business and u. s. virgin containerboard is a highly strategic global asset. with this acquisition, rocktenns fiber input ratio will be 55% virgin and 45% recycled. we believe this transaction provides the greatest possible career opportunities for our co - workers from both companies. 
rocktenn manufactures corrugated shipping containers, displays and point of purchase packaging. the firm represents a long history as a supplier to the meat industry in canada .
with the sec at the secs web site at www. sec. gov, or by contacting rocktenn investor relations at (678) 291 - 7901 or
rocktenn' s chairman and chief executive officer, james a. rubright said, “rocktenn’s acquisition of smurfit - stone is another major step in our transformation of rocktenn to be the most respected company in our business with a laser focus on exceeding our customers’ expectations and creating long term shareholder value. the containerboard and corrugated packaging industry is a very good business and u. s. virgin containerboard is a highly strategic global asset. with this acquisition, rocktenn’s fiber input ratio will be 55% virgin and 45% recycled. we believe this transaction provides the greatest possible career opportunities for our co - workers from both companies. ”
the chief executive of rocktenn, steven c. voorhees, will continue in that role at the newly combined company, while meadwestvaco’s chairman and chief executive, john a. luke jr. , will become nonexecutive chairman. rocktenn will contribute eight of its directors to the new company’s board, while meadwestvaco will bring six .
west point — still reeling from rocktenn co.' s announcement monday that it would be merging with richmond - based packaging company meadwestvaco corp. to create a $ 16 billion global packaging company, town officials and employees at rocktenn' s west point paper mill say they are optimistic about the plant' s future .
with approximately 240 facilities in the u. s. , canada, mexico, chile, argentina and china, rocktenn, a fortune 500 company, has about 26, 000 employees, 475 at the millville plant. rocktenn is the largest paper recycler, largest display manufacturer and largest preprint linerboard producer in north america .
the family’s business, tennessee paper mill, was founded in 1917 by finley’s grandfather and others. finley joined tennessee paper mill in 1930 as a bookkeeper and became executive vice president in 1950. in 1973, the company merged with rock city box company, creating rocktenn. finley served as chairman of the board for rocktenn .
in connection with the proposed transaction, rocktenn and smurfit - stone will be filing documents with the securities and exchange commission (the  sec ), including the filing by rocktenn of a registration statement on form s - 4 that will include a joint proxy statement of rocktenn and smurfit - stone that also constitutes a prospectus of rocktenn. rocktenn and smurfit - stone stockholders are urged to read the registration statement on form s - 4 and the related joint proxy statement / prospectus when they become available, as well as other documents filed with the sec, because they will contain important information. the final joint proxy statement / prospectus will be mailed to stockholders of rocktenn and stockholders of smurfit - stone. investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the sec at the secs web site at www. sec. gov, or by contacting john stakel, vp - treasurer, rocktenn investor relations at (678) 291 - 7901 or smurfit - stone investor relations at (314) 656 - 5553 or smurfit - stone media relations at (314) 656 - 5827 .
and because the new jobs will have a pay scale that' s considered above average, rocktenn will receive $ 12. 5 million in quality job tax credits .
as johnson noted, and rubright referred to in earlier news reports, rocktenn prefers to stay in the background, yielding to its clients' brand or product identity .
two big makers of packaging materials, rocktenn and meadwestvaco, agreed on monday to merge, creating a $ 16 billion manufacturer of cardboard cartons and other types of boxes .
the company will have its principal executive offices in richmond, where meadwestvaco is based. its operating offices will be in norcross, ga. , where rocktenn is based .
under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, meadwestvaco corp. stockholders will receive 0. 78 shares of the combined company for each share they own, while rocktenn shareholders will receive either one share of the combined company or a specific cash amount for each rocktenn share held .
) - - rocktenn (nyse: rkt) and smurfit - stone container corporation (nyse: sscc) today announced that the boards of directors of both companies have approved a definitive agreement under which smurfit - stone will become a wholly owned subsidiary of rocktenn. the aggregate consideration, consisting of 50% cash and 50% rocktenn stock, is valued at $ 35 per - share of smurfit - stone common stock, and represents a 27% premium to smurfit - stone’s closing stock price on january 21, 2011. the aggregate equity value of the transaction, based on the closing price of rocktenn’s common stock on january 21, 2011, is approximately $ 3. 5 billion .
rocktenn was advised by wells fargo and the law firm king & spalding. smurfit - stone was advised by lazard and the law firm wachtell, lipton, rosen & katz .
the new jobs will come from chicago and creve coeur, mo. , a suburb of st. louis, but stakel said rocktenn would still have a presence in those cities .
the aggregate purchase price being paid for smurfit - stone’s equity in the transaction is approximately $ 3. 5 billion, consisting of approximately $ 1. 8 billion of cash and the issuance of 30. 9 million shares of rocktenn common stock. following the acquisition, rocktenn shareholders will own approximately 56% and smurfit - stone shareholders will own 44% of the combined company .
in conjunction with the acquisition of smurfit - stone, rocktenn closed on $ 4. 3 billion of debt financing. the company said the money was used to finance the merger, repay outstanding indebtedness of smurfit - stone, refinance rocktenn' s existing credit facilities, pay fees and expenses related to the acquisition and provide about $ 1 billion
for general corporate purposes .
the aggregate purchase price being paid for smurfit - stones equity in the transaction is approximately $ 3. 5 billion, consisting of approximately $ 1. 8 billion of cash and the issuance of 30. 9 million shares of rocktenn common stock. following the acquisition, rocktenn shareholders will own approximately 56% and smurfit - stone shareholders will own 44% of the combined company .
under the terms of the transaction, shareholders in both manufacturers will take stakes in a new, as yet unnamed company. for each share in rocktenn that they own, shareholders can receive either one share in the new company or the cash equivalent to the volume - weighted average price of rocktenn’s shares over a five - day period that ends three trading days before the deal closes .
rocktenn (nyse: rkt) is one of north americas leading manufacturers of paperboard, containerboard and consumer and corrugated packaging, with annual net sales of $ 3 billion. rocktenns 10, 400 employees are committed to exceeding their customers expectations - every time. the company operates locations in the united states, canada, mexico, chile and argentina. for more information, visit urltoken .
in 2005, rocktenn, a leading north american producer of consumer and corrugated packaging and recycling solutions, acquired gulf - states and restored the fold - pak name after purchasing all gsd packaging assets .
this month, rocktenn announced the acquisition of smurfit - stone, one of its competitors, and subsequently made a $ 5 million local investment that would create 500 jobs in the next two years .
the transaction is expected to close in the second calendar quarter of 2011 and is subject to customary closing conditions, regulatory approvals, as well as approval by both rocktenn and smurfit - stone stockholders .
norcross, ga. , creve coeur, mo. , and chicago, ill. , january 23, 2011  rocktenn (nyse: rkt) and smurfit - stone container corporation (nyse: sscc) today announced that the boards of directors of both companies have approved a definitive agreement under which smurfit - stone will become a wholly owned subsidiary of rocktenn. the aggregate consideration, consisting of 50% cash and 50% rocktenn stock, is valued at $ 35 per - share of smurfit - stone common stock, and represents a 27% premium to smurfit - stones closing stock price on january 21, 2011. the aggregate equity value of the transaction, based on the closing price of rocktenns common stock on january 21, 2011, is approximately $ 3. 5 billion .
rocktenn said sunday that it had agreed to buy smurfit - stone, a maker of packaging products that emerged from bankruptcy protection last year, for $ 3. 5 billion in cash and stock .
rocktenn has completed its acquisition of smurfit - stone. pursuant to the agreement and plan of merger, each outstanding share of smurfit - stone common stock (other than dissenting shares), has been converted into the right to receive $ 17. 50 in cash and 0. 30605 of a share of rocktenn class a common stock. pursuant to the agreement and plan of merger, timothy j. bernlohr, terrell k. crews, and ralph f. hake have joined the rocktenn board of directors from the smurfit - stone board of directors, increasing the number of directors from 10 to 13 .
rocktenn has completed its acquisition of smurfit - stone. pursuant to the agreement and plan of merger, each outstanding share of smurfit - stone common stock (other than dissenting shares), has been converted into the right to receive usd 17. 50 in cash and 0. 30605 of a share of rocktenn class a common stock. pursuant to the agreement and plan of merger, timothy j. bernlohr, terrell k. crews, and ralph f. hake have joined the rocktenn board of directors from the smurfit - stone board of directors, increasing the number of directors from 10 to 13 .
the gravity of the jobs addition wasn' t lost on johnson, who said if rocktenn chose to leave the area ,
it' d take us 100 years to make up for that .
rocktenn (nyse: rkt) is one of north america' s leading manufacturers of paperboard, containerboard and consumer and corrugated packaging, with annual net sales of $ 3 billion. rocktenn' s 10, 400 employees are committed to exceeding their customers' expectations - every time. the company operates locations in the united states, canada, mexico, chile and argentina. for more information, visit urltoken .
rocktenn (nyse: rkt) is one of north america' s leading manufacturers of paperboard, containerboard and consumer and corrugated packaging, with annual net sales of usd 3 billion. rocktenn' s 10, 400 employees are committed to exceeding their customers' expectations - every time. the company operates locations in the united states, canada, mexico, chile, and argentina. for more information, visit urltoken .
wells fargo securities acted as exclusive financial advisor to rocktenn and king & spalding llp acted as legal counsel. smurfit - stones financial advisor was lazard and its legal advisor was wachtell, lipton, rosen & katz .
under the terms of the deal, rocktenn will pay 0. 30605 of its own shares and $ 17. 50 in cash, or $ 35 a share at friday’s closing price, for each smurfit - stone share. the price represents a 27 percent premium to smurfit - stone’s friday closing price of $ 27. 52. rocktenn will also assume $ 1. 8 billion of smurfit - stone’s debt and pension liabilities .
it' s fun, because it makes you proud ,
said john stakel, a rocktenn vice president and the company' s treasurer .
it' s energizing, rewarding from a professional standpoint .
the new jobs will make rocktenn the ninth - largest company in gwinnett county, with more than 900 employees. it would also be in the top 10 of the largest publicly traded companies in metro atlanta by revenue .
norcross, georgia, and creve coeur, missouri, usa, 07 february 2011 - - (business wire) - - rocktenn (nyse: rkt) and smurfit - stone container corporation (nyse: sscc) announced today that the federal trade commission has granted early termination of the waiting period under the hart - scott - rodino antitrust improvements act of 1976 in connection with the previously announced acquisition of smurfit - stone container corporation by rocktenn .
in the first five trading sessions since the smurfit - stone acquisition was announced, rocktenn' s stock was up 17 percent. before the acquisition of smurfit - stone, rocktenn held 2 percent of the container - board market, and smurfit - stone owned 17 percent. but in 2009, smurfit - stone filed for chapter 11 bankruptcy protection. in june of last year, it emerged from bankruptcy, and reported improved profit margins last fall .
the late w. max finley, former chairman of the rocktenn corporation, dedicated his life to public service. he was an active supporter of the university of tennessee system and a 1931 graduate of the university of chattanooga .
wells fargo securities acted as exclusive financial advisor to rocktenn and king & spalding llp acted as legal counsel. smurfit - stone' s financial advisor was lazard and its legal advisor was wachtell, lipton, rosen & katz .
this strategic transaction, unanimously approved by the boards of directors of both companies, will create a $ 9 billion leader in the north american paperboard packaging market. upon closing, rocktenn will maintain its headquarters in norcross, ga .
robin keegan, director of corporate communications with rocktenn, said while it' s too early to announce how the companies' integration will directly affect the west point facility, the new company' s first step will be organizing leadership .
norcross, georgia, usa, 27 may 2011 - - (business wire) - - rocktenn (nyse: rkt) and smurfit - stone container corporation (nyse: sscc) shareholders today approved the merger of the companies. more than 99% of the rocktenn shares that voted at the meeting voted
for
the merger and more than 91% of the smurfit - stone shares that voted at the smurfit - stone meeting voted
for
the merger .
smurfit - stone will become a wholly owned subsidiary of rocktenn. for each share of smurfit - stone common stock, smurfit - stone stockholders will be entitled to receive 0. 30605 shares of rocktenn common stock and $ 17. 50 in cash, representing 50% cash and 50% stock. the aggregate consideration is $ 35 per smurfit - stone common share. the consideration represents a 27% premium to smurfit - stone’s closing stock price on january 21, 2011 .
smurfit - stone will become a wholly owned subsidiary of rocktenn. for each share of smurfit - stone common stock, smurfit - stone stockholders will be entitled to receive 0. 30605 shares of rocktenn common stock and $ 17. 50 in cash, representing 50% cash and 50% stock. the aggregate consideration is $ 35 per smurfit - stone common share. the consideration represents a 27% premium to smurfit - stones closing stock price on january 21, 2011 .
rocktenn was advised by the blackstone group, lazard and the law firm cravath, swaine & moore. meadwestvaco was advised by bank of america merrill lynch, goldman sachs, greenhill & company and the law firm wachtell, lipton, rosen & katz .
part of the reason rocktenn decided to keep its headquarters in norcross was the $ 15. 7 million in incentives it received from the state and gwinnett county. it also received $ 700, 000 in property tax incentives from the city of norcross .
pro forma adjusted ebitda is calculated as the sum of rocktenn’s credit agreement ebitda and smurfit - stone’s adjusted ebitda plus pro forma adjustments consistent with the two. our definitions of pro forma adjusted ebitda may differ from other similarly titled measures at other companies .
pro forma adjusted ebitda is calculated as the sum of rocktenns credit agreement ebitda and smurfit - stones adjusted ebitda plus pro forma adjustments consistent with the two. our definitions of pro forma adjusted ebitda may differ from other similarly titled measures at other companies .
rocktenn, smurfit - stone and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the transaction. information concerning rocktenn’s executive officers and directors is set forth in its definitive proxy statement filed with the sec on december 17, 2010. information concerning smurfit - stone’s executive officers and directors is set forth in its annual report on form 10 - k for the year ended december 31, 2009, which was filed with the sec on march 2, 2010, and in its current report on form 8 - k filed on july 7, 2010. additional information regarding the interests of participants of rocktenn and smurfit - stone in the solicitation of proxies in respect of the transaction will be included in the above - referenced registration statement on form s - 4 and joint proxy statement / prospectus when it becomes available. you can obtain free copies of these documents from rocktenn and smurfit - stone using the contact information above .
rocktenn, smurfit - stone and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the transaction. information concerning rocktenns executive officers and directors is set forth in its definitive proxy statement filed with the sec on december 17, 2010. information concerning smurfit - stones executive officers and directors is set forth in its annual report on form 10 - k for the year ended december 31, 2009, which was filed with the sec on march 2, 2010, and in its current report on form 8 - k filed on july 7, 2010. additional information regarding the interests of participants of rocktenn and smurfit - stone in the solicitation of proxies in respect of the transaction will be included in the above - referenced registration statement on form s - 4 and joint proxy statement / prospectus when it becomes available. you can obtain free copies of these documents from rocktenn and smurfit - stone using the contact information above .
added cummiskey ,
rocktenn is a great example of how important it is to cultivate our existing companies. the company' s experience here certainly helped pave the way for its decision to consolidate its functions in georgia after it acquired smurfit - stone .
rocktenn was formed after rock city box company merged with tennessee paper mills in 1973. tennessee paper mills was founded during world war i, and survived the great depression and world war ii while morris established a friendship with the grandson of the company president .
, or by contacting john stakel, vp - treasurer, rocktenn investor relations at (678) 291 - 7901 or smurfit - stone investor relations at (314) 656 - 5553 or smurfit - stone media relations at (314) 656 - 5827 .
rocktenn s employee intranet enables the company s employees to access information from the comfort of their home. the intranet is called the employee zone, a site that allows employees to access hr self - service, an application that enables employees to view and manage their personal information
in addition to the equity consideration, rocktenn will assume smurfit - stone’s net debt and pension liabilities. as of december 31, 2010 smurfit - stone’s net debt was $ 0. 7 billion and its pension liabilities were $ 1. 1 billion ($ 0. 7 billion after - tax). rocktenn has received $ 3. 7 billion in committed bank financing from wells fargo bank n. a. , rabobank and suntrust bank to finance the cash portion of the transaction, to refinance existing debt and to provide liquidity for the combined operations .
. the final joint proxy statement / prospectus will be mailed to stockholders of rocktenn and stockholders of smurfit - stone. investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the sec at the sec’s web site at
in addition to the equity consideration, rocktenn will assume smurfit - stones net debt and pension liabilities. as of december 31, 2010 smurfit - stones net debt was $ 0. 7 billion and its pension liabilities were $ 1. 1 billion ($ 0. 7 billion after - tax). rocktenn has received $ 3. 7 billion in committed bank financing from wells fargo bank n. a. , rabobank and suntrust bank to finance the cash portion of the transaction, to refinance existing debt and to provide liquidity for the combined operations .
steve voorhees chief executive officer. steve voorhees is chief executive officer. previously he was ceo of rocktenn. prior to that, steve served in various executive leadership roles, including president and chief operating officer; executive vice president and chief financial officer; and chief administrative officer .
situated on the banks of the pamunkey river, the paper mill produces white top linerboard recycled medium used in various types of packaging. the mill celebrated its 100th anniversary last year, having opened in 1914 as the chesapeake pulp & paper co. it became chesapeake corp. in 1918 and remained as such until 1997 when it came under the ownership of st. laurent paperboard inc. rocktenn acquired the mill from smurfit - stone container corp. in january 2011. in recent years, rocktenn has invested nearly $ 100 million in capital improvements at the mill .
rocktenn, which has a presence in canada, mexico, chile, argentina and china, has operations in norcross, lithia springs, columbus, duluth, hartwell, covington, atlanta, augusta, college park, lithonia and marietta. it boasts more than 26, 000 employees .
the companies reported quarterly earnings monday, both exceeding wall street expectations. rocktenn posted first - quarter net income of $ 125. 1 million and revenue of $ 2. 51 billion. meadwestvaco earned $ 53 million and recorded revenue of $ 1. 37 billion for its fourth quarter .
throughout its 82 years, the millville paper mill, now under the ownership of the rocktenn co. based in norcross, ga. , has had its fair share of owners, starting with the international paper co. , which built the paper mill in 1930. southwest forest industries bought it in 1979, stone container corp. purchased it in 1987 and merged with the jefferson smurfit corp. in 1998 to make smurfit - stone container corp. , which filed for chapter 11 bankruptcy protection in 2009. rocktenn purchased the mill from smurfit - stone in may of 2011 .
continuing a legacy of support for utc, a $ 1. 1 million gift from the finley family has created the w. max finley chair for excellence in american business to honor the entrepreneurial energy and career of the late w. max finley, former chairman of the rocktenn corporation .
rhett coates, a contract employee with rocktenn, said he and other employees at the west point facility are optimistic that production will increase at the plant once the merger finally closes. “the outlook seems promising, ” he said, “but we' ll just have to wait and see. ”
norcross - - nearly 40 years ago, this city was home to a family - owned business of paperboard and box manufacturing with sales of $ 23 million. today, rocktenn co. reports $ 10 billion in net sales, and is one of the crown jewels of the business community in norcross and gwinnett county .
the combined manufacturer will keep its headquarters in meadwestvaco’s hometown, richmond, va. , but will maintain operating offices in norcross, ga. , rocktenn’s home base. the two companies said they would reap up to $ 300 million in cost savings within three years after the deal closes, which is expected by june 30 .
“there are strategic benefits and growth opportunities that come with the merger, ” she said. “we understand (how the merger will affect rocktenn in west point) is a question on everyone' s mind, but that facility is very important to us; we recognize what a tight - knit community they have there. ”
according to nasdaq, as of 1: 53 p. m. jan. 27, rocktenn stocks had dropped 1. 81 percent to $ 65. 75 per share after closing monday at $ 66. 85. meadwestvaco shares had also dropped 1. 15 percent from $ 51. 10 to $ 50. 76 .
mergers and acquisitions are difficult, because at the end of the day people are impacted by it, both positively because rocktenn is more successful ,
he said .
but if you' re maybe in creve coeur or chicago, for them it' s not, maybe, the same end result, but hopefully they find great professional opportunities .
rocktenn' s history stretches back to its original ceo, worley brown' s father - in - law, arthur morris. morris bought rock city box company in 1945 after it was founded in 1898. in 1953, the norcross roots were planted when morris purchased parks box and printing company in norcross. morris then persuaded brown in 1964 to join the company .
in conjunction with the acquisition of smurfit - stone, rocktenn closed on $ 4. 3 billion of debt financing, consisting of a $ 1. 475 billion, 5 - year revolving credit facility; a $ 1. 475 billion, 5 - year term loan facility; a $ 750 million, 7 - year term loan facility and a $ 625 million, 3 - year accounts receivable securitization facility. the borrowings under the new debt facilities were used in part to finance the merger, to repay outstanding indebtedness of smurfit - stone, to refinance rocktenn’s existing credit facilities, to pay for fees and expenses incurred in connection with the acquisition of smurfit - stone and to provide liquidity for general corporate purposes of approximately $ 1 billion .
smurfit - stone is one of the industrys leading integrated containerboard and corrugated packaging producers and one of the worlds largest paper recyclers. smurfit - stone has manufacturing mill capacity of 7. 0 million tons, and when combined, rocktenn will have 9. 4 million tons of total production capacity, including 7. 5 million tons of mill production in the attractive containerboard market .
in conjunction with the acquisition of smurfit - stone, rocktenn closed on usd 4. 3 billion of debt financing, consisting of a usd 1. 475 billion, five - year revolving credit facility; a usd 1. 475 billion, five - year term loan facility; a usd 750 million, seven - year term loan facility, and a usd 625 million, three - year accounts receivable securitization facility. the borrowings under the new debt facilities were used in part to finance the merger, to repay outstanding indebtedness of smurfit - stone, to refinance rocktenn' s existing credit facilities, to pay for fees and expenses incurred in connection with the acquisition of smurfit - stone, and to provide liquidity for general corporate purposes of approximately usd 1 billion .
smurfit - stone is one of the industry' s leading integrated containerboard and corrugated packaging producers and one of the world’s largest paper recyclers. smurfit - stone has manufacturing mill capacity of 7. 0 million tons, and when combined, rocktenn will have 9. 4 million tons of total production capacity, including 7. 5 million tons of mill production in the attractive containerboard market .
stakel pointed to the vision ceo james rubright brought when he joined the company in 1999 as a reason for the company' s growth within the paperboard industry. rocktenn makes boxes and consumer paper and cardboard - based packaging boxes for products from microwavable meals, to fast - food boxes, to bubble gum. that vision is based on principles of low - cost prices, efficient manufacturing and great customer service, stakel said .
more in store. less out - of - pocket. 2014 rock - tenn shared services, llc, norcross, ga. all rights reserved. a rocktenn display delivers more of the wow factor. like with this award - winning oorstand that turns shoppers into stoppers and browsers into buyers for the axe brand. maybe we can help you stand out in store? kathy mcgowan - carnes | 855 - 229 - 2163 urltoken
“ originator ” means each of rock - tenn company of texas, a georgia corporation, rock - tenn converting company, a georgia corporation, rock - tenn mill company, llc, a georgia limited liability company, rock - tenn – solvay, llc, a delaware limited liability company, pcpc, inc. , a california corporation, waldorf corporation, a delaware corporation, rocktenn – southern container, llc, a delaware limited liability company and rocktenn cp, llc, a delaware limited liability company; provided, however, that in the event that any such originator is merged into, or sells or distributes substantially all its assets to, another direct or indirect wholly - owned subsidiary of the parent, it shall no longer be an originator, but the surviving or transferee entity shall succeed to the rights and obligations of such originator and be deemed an originator hereunder .
rocktenn will host a conference call to discuss our results of operations for the first quarter of fiscal 2011, our acquisition of smurfit - stone container corporation and other topics that may be raised during the discussion at 8: 30 a. m. , eastern time, on monday, january 24, 2011. the conference call will be webcast live with an accompanying slide presentation, along with a copy of this press release, at urltoken .
mary spencer, director of financial compliance at rocktenn, said at the compliance week 2015 conference that the key to successful sarbanes - oxley compliance has been to view sox compliance as a project management exercise—and one that changes annually at that. “sox is always going to be a project, and it’s never the same twice, ” she said. “the risk assessment, the review, the people, the environment, the technology: they are all changing. ”
rocktenn’s “credit agreement ebitda” is calculated in accordance with the definition contained in our existing senior credit facility. credit agreement ebitda is generally defined as consolidated net income plus: consolidated interest expense, income taxes of the consolidated companies determined in accordance with gaap, depreciation and amortization expense of the consolidated companies determined in accordance with gaap, certain non - cash and cash charges incurred, and charges taken resulting from the impact of changes to accounting rules related to the expensing of stock options .
rocktenns credit agreement ebitda is calculated in accordance with the definition contained in our existing senior credit facility. credit agreement ebitda is generally defined as consolidated net income plus: consolidated interest expense, income taxes of the consolidated companies determined in accordance with gaap, depreciation and amortization expense of the consolidated companies determined in accordance with gaap, certain non - cash and cash charges incurred, and charges taken resulting from the impact of changes to accounting rules related to the expensing of stock options .
finley was a staunch backer of both academics and athletics at utc. his generosity allowed the athletics program to survive when budgets were limited and he funded a professorship and a variety of scholarships. he received both the university of chattanooga distinguished alumni award and the outstanding service award of the utc alumni council and was inducted into the university’s hall of fame. finley stadium, home of the utc football team, is located on the site of the former rocktenn plant and is named in finley’s honor .
west point mayor jim hudson, who would only speak to the merger as a matter of speculation, said he understood why no “hard facts” were yet available. “considering where they are in the process (of the merger), it' s understandable from a business perspective why they' re being so quiet about this, ” he said monday. “being an eternal optimist, i assume this merger will benefit the mill and strengthen rocktenn — making them more competitive globally — and the town of west point. ”
capitalized terms used herein without definition shall have the meanings assigned thereto in the credit agreement dated as of july 1, 2015, by and among westrock company, a delaware corporation (“ westrock ”), as parent borrower, rocktenn company of canada holdings corp. / compagnie de holdings rocktenn du canada corp. , a nova scotia unlimited company, as canadian borrower, the subsidiary borrowers party thereto, westrock rkt company (f / k / a rock - tenn company), a georgia corporation, and westrock mwv, llc (f / k / a meadwestvaco corporation), a delaware limited liability company, as initial guarantors, the lenders party thereto and well fargo bank, national association, as administrative agent and multicurrency agent, with such amendments, modifications, supplements, restatements or replacements as may hereafter be in effect, provided, however, that immediately after giving effect to any such amendment, modification, supplement, restatement or replacement, the lender remains a party thereto (the “ guarantor credit agreement ”) .
. hts reserved s, ga. all rig llc, norcros d services, - tenn share 2014 rock more in store. less out - of - pocket. a rocktenn display delivers more of the wow factor. like with this award - winning pallet display that turns shoppers into stoppers and browsers into buyers for the simply asia / thai kitchen brands. as the leading producer of in - store displays, we bring you better insights, more innovative technologies and greater efficiencies than anyone else. maybe we can help you stand out in store? kathy mcgowan - carnes | 855 - 229 - 2163 urltoken
during the papermaking process, whole logs are debarked and converted into chips of the appropriate size. the chips are cooked in vessels where chemicals and steam are added to remove the lignin and other components. the resulting pulp is washed and refined to the proper consistency through different steps in the process. from there, this stock which is 99. 5 - percent water is sent to the paper machine where it is dewatered and dried. “many parameters are controlled to meet the customer’s specifications on the basis of weight, moisture and strength, ” rocktenn general manager pedro fuster says. the resulting product is converted into rolls of different sizes depending on what the customer needs .
this document contains forward - looking statements within the meaning of the private securities litigation reform act of 1995. forward - looking statements are typically identified by words or phrases such as may,  will,  anticipate,  estimate,  expect,  project,  intend,  plan,  believe,  target,  forecast,  and other words and terms of similar meaning. forward - looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. rocktenn and smurfit - stone caution readers that any forward - looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward - looking statement. such
1. rock - tenn company of texas, a georgia corporation, rock - tenn converting company, a georgia corporation, rock - tenn mill company, llc, a georgia limited liability company, rock - tenn – solvay, llc, a delaware limited liability company, pcpc, inc. , a california corporation, waldorf corporation, a delaware corporation, rock - tenn – southern container, llc, a delaware limited liability company and rocktenn cp, llc, a delaware limited liability company (collectively, the “ existing originators ” and, together with any other entity satisfying the definition of “originator” contained in the sale agreement (as hereinafter defined), the “ originators ”), parent and recipient have entered into a fifth amended and restated receivables sale agreement, dated as of september 15, 2014 (as amended, restated or otherwise modified from time to time, the “ sale agreement ”), pursuant to which the originators, subject to the terms and conditions contained therein, are selling all of their respective right, title and interest in and to certain accounts receivable to recipient .
504 thrasher street norcross, georgia 30071 - 1967 u. s. a .
rock - tenn provides superior marketing and packaging solutions to consumer product companies at very low costs. we attract capable, highly motivated people who seek an opportunity to apply their talents to build a great company. we are committed to relentless performance and: exceeding our customers' expectations every time; creating long - term shareholder value; encouraging and rewarding employee excellence .
three partners form tennessee paper mills, inc. , establishing in chattanooga the first recycled paperboard mill in the south .
morris purchases rock city box co. and changes the name of his other company to rock city box sales company .
the various companies owned by morris are consolidated into rock city packaging, inc .
tennessee paper mills and rock city packaging merge to form rock - tenn company, based in norcross, georgia .
alliance display and packaging, maker of corrugated displays, is purchased; rock - tenn goes public .
waldorf corporation, producer of folding cartons and recycled paperboard, is acquired; rock - tenn and sonoco products company merge their fiber partition operations into a joint venture called rts packaging, llc .
the company acquires cartem wilco group inc. , a canadian firm specializing in pharmaceutical and health and beauty packaging .
rock - tenn company was formed in 1973, the product of a merger between tennessee paper mills inc. and rock city packaging, inc. its origins date back to 1898, when the rock city box company of nashville, tennessee, was founded. among its customers in the mid - 1940s were a local boot factory, a local candy manufacturer, a hosiery company, and several shirt manufacturers. the owners, joe mchenry and a. e. saxon, who also operated several other business ventures, wanted to sell out and retire. rock city was attractive to arthur newth morris, owner of the southern box company, not least for its bank account of $ 60, 000. morris purchased the company in 1944 for $ 200, 000, making a cash down payment of $ 50, 000 .
the 25 - year - old morris had been a printer and part - time presbyterian minister when he went to work in 1926 for edwin j. schoettle, a philadelphia industrialist who owned a group of box and printing companies that bore his name. for a monthly salary of $ 350 morris was expected to manage several hundred employees, some of them more than twice his age. he also traveled along the eastern seaboard, explaining to meatpackers his discovery that they could avoid shrinkage of their hot dogs by putting them in schoettle' s boxes instead of stringing them up like bananas .
by 1935 morris was making a salary on which he could comfortably support his wife and four children, but he wanted to go into business for himself. armed with life savings of $ 5, 000 and a $ 7, 500 investment by his boss, he moved to baltimore. there he managed the j. e. smith box & printing co. during the day, while running the southern box company, a company he founded in 1936, at night. using smith' s presses, die - cutters, and other boxmaking equipment during the evening, morris began servicing two anchor customers who knew him from his philadelphia days .
only six months after morris had left philadelphia, schoettle came to baltimore to offer him a promotion and a $ 25, 000 salary. when morris refused, schoettle offered to sell morris his own majority share of southern box for $ 25, 000. a bank loan to morris made the deal possible. he moved to new quarters for $ 200 a month, left day - to - day management to one of his employees, and devoted himself to finding new accounts. in its first year the company made a few thousand dollars on sales of $ 60, 000 .
by 1942 morris was doing well enough to open a corrugated box plant and to buy another baltimore enterprise, the king folding box co. , where he installed a corrugated sheet cutter. morris sold corrugated partitions to major glass companies, which needed them to separate the bottles and glasses they shipped. the following year the name of his enterprise was changed to newth morris box company. in 1944 another branch was opened in jacksonville, florida, where the company produced cardboard anti - radar devices for world war ii american troops and popcorn boxes for movie theater owners. following morris' s purchase of rock city box co. that same year, he changed the name of newth morris box co. to rock city box sales company .
morris' s purchase of rock city box co. put him in contact with one of its suppliers and his future merger partner: tennessee paper mills. a. l. tomlinson and john stagmaier, two of tennessee paper' s three founders, were athens, tennessee, businessmen who already owned box factories. the company' s third founder was a. m. sheperd of vincennes, indiana, a boxboard manufacturer. tennessee paper mills was incorporated in 1917 with stagmaier as president, tomlinson as vice - president, and sheperd as general manager. with $ 300, 000 raised from stock offerings, the three men established a paperboard factory in chattanooga, where operation began in july 1918. by the end of the year the new company had made a handsome net profit of $ 23, 367 on sales of $ 165, 799 .
beginning in 1954, however, tennessee paper began losing customers to companies manufacturing lower - cost folding cartons and corrugated and plastic containers. the trend in the business was toward vertical integration. many paperboard companies acquired - - or merged with - - their customers. typically profits were made at the mill level, by selling boxes virtually at cost. the effect on boxmakers was so severe that by 1957 tennessee paper was extending credit and loans to its customers in order to keep their accounts .
one of these customers was rock city. its consumption of tennessee paper' s board grew from about 1, 000 tons in 1944 to about 37, 000 tons in 1972, when it took 44 percent of tennessee paper' s total boxboard production. between 1965 and 1968 tennessee paper bought 29. 5 percent of rock city' s common stock, preparing the way for the eventual merger of the two companies. by then rock city owed tennessee paper more than $ 4 million in loans.
rocktenn was an american paper and packaging manufacturer based in norcross , georgia . in 2015 it merged with meadwestvaco to form the westrock company . it was one of north america 's leading producers of corrugated and consumer packaging and recycling solutions , with annualized net sales of approximately $ 10 billion . the company employed approximately 26,000 people and operated more than 245 facilities in the united states , canada , mexico , chile , argentina and china . 
rocktenn was an american paper and packaging manufacturer based in norcross, georgia. in 2015 it merged with meadwestvaco to form the westrock company. it was one of north america's leading producers of corrugated and consumer packaging and recycling solutions, with annualized net sales of approximately $ 10 billion. the company employed approximately 26,000 people and operated more than 245 facilities in the united states, canada, mexico, chile, argentina and china.
rocktenn was an american paper and packaging manufacturer based in norcross, georgia. in 2015 it merged with meadwestvaco to form the westrock company. it was one of north america's leading producers of corrugated and consumer packaging and recycling solutions, with annualized net sales of approximately $ 10 billion. the company employed approximately 26,000 people and operated more than 245 facilities in the united states, canada, mexico, chile, argentina and china.