Mon January 24, 2011
Smurfit-Stone to be acquired by RockTenn for $3.5 billion
UPDATE: 3:30 p.m. Jan. 24, 2011
The St. Louis Business Journal reports that Smurfit-Stone will lose its dual headquarters of in Creve Coeur, Mo. and Chicago when it is acquired by RockTenn.
The new combined company will be based out of RockTenn’s headquarters in Norcross, Ga., the Business Journal reports.
Also out in the buyout is Smurfit-Stone is CEO Patrick Moore, who was already planning to retire.
The new board of directors will have 10 members from RockTenn and three from Smurfit-Stone.
According to the paper, Smurfit-Stone employs around 800 people in the St. Louis area, out of about 17,700 employees in the entire company, which is co-headquartered in Creve Coeur, Mo. and Chicago.
The deal announced Sunday creates one of the largest North American paperboard companies with combined estimated annual sales of $9 billion, the paper reports.