Stone Container, Jefferson Smurfit to link up

By Staff -- Modern Materials Handling, 6/1/1998

Forming one of the world's largest paper-packaging companies in terms of sales, Stone Container and Jefferson Smurfit agreed recently to a $6.37 billion merger.

Smurfit-Stone will have $8 billion in yearly revenues, and will be the largest global producer of paperboard and paper packaging, manufacturing over 7.3 million tons of product annually. The merged units anticipate achieving more than $250 million in annual operating synergies within 18 months.

Roger Stone, chairman and chief executive of Stone Container, will serve as chairman and chief executive of the new company.

Michael Smurfit, chairman of Jefferson Smurfit Corp. and its parent, Jefferson Smurfit Group, will be non-executive chairman of the combined company.

According to Stone, the combined company will reduce debt by divesting non core businesses and assets, which will enhance the company's financial flexibility.

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