Sonoco to acquire remaining 65% of RTS Packaging from WestRock for $330M

SONOCO PRODUCTS CO

Purchase price $330M cash for remaining 65% equity interest and a paper mill in Chattanooga, TN.
Acquired assets expected to generate ~$270M sales and $50M EBITDA in FY2022.
Valuation ~6.6x adjusted EBITDA without synergies; ~5x pro forma for $16M expected synergies.
Deal expected to close H1 2023, subject to regulatory approvals and customary conditions.
Sonoco will own 100% of RTS; net debt to base EBITDA expected to remain below 3.0x.

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