The Irish company is a leading global player in the paper and packaging industry, with a presence in 40 countries, 57 paper mills, 450 converting plants and nearly 96,000 employees.
CMPC announced the sale of its corrugated cardboard business, including the plants in Chile that produce these products. According to the material disclosure filed with the Financial Market Commission (CMF), the company finalized an agreement today with Smurfit WestRock, an industry giant with operations in 40 countries, to acquire 100% of the shares of Envases Impresos Cordillera SpA and Chilena de Moldeados SpA—the subsidiaries that comprise CMPC’s corrugated packaging business—for US$420 million.
The transaction is subject to approval by the National Economic Prosecutor’s Office (FNE). CMPC, which employs about 1,500 workers, will continue operating in this segment until the deal is finalized.
According to information provided to the CMF, the corrugated packaging business “includes the production of paper and molded packaging in Puente Alto; the cardboard packaging solutions production plants located in Buin, Til Til, and Osorno; as well as the paper recovery and recycling logistics network consisting of 12 collection points throughout the country.”
For CMPC, this transaction is part of its long-term strategy to “prioritize its strategic businesses and strengthen its competitiveness.”
CMPC’s CEO, Francisco Ruiz-Tagle, said that “this transaction is part of our long-term strategy and how we want to position CMPC in the coming decades. We seek to concentrate capabilities and resources where we have greater scale and competitive advantages.”
“At the same time, we want to strengthen our forestry and industrial capabilities and move toward a more agile and flexible structure, which will allow us to strengthen our position as a Chilean company with an international reach,” he added.
Smurfit Westrock is a leading global player in the paper and packaging industry, operating in 40 countries with 57 paper mills, 450 converting plants and nearly 96,000 employees.
CMPC received financial advisory services from J.P. Morgan and legal advisory services from A/C/R Legal.
Source: Radio Biobío.