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آرشیو برچسب های: WestRock paper mill

WestRock and Engie sign agreement to add renewable energy to US grid

WestRock, a leader in sustainable fiber-based paper and packaging solutions, today announced it has entered into two virtual power purchase agreements (VPPAs) with ENGIE North America (ENGIE), a subsidiary of ENGIE S.A. and global leader in the net zero energy transition. The VPPAs are designed to add renewable energy to the U.S. energy grid and mark a step forward in WestRock’s commitment to reduce greenhouse gas emissions.

The agreements support two of ENGIE’s solar projects – Bernard Creek located in Wharton County, Texas and Chillingham Solar located in Bell County, Texas – for an aggregate of 282 megawatts (MW).

The new projects comprise one element of WestRock’s strategy to pursue a science-based target (SBT) to reduce Scope 1, 2 and 3 greenhouse gas emissions by 27.5% by 2030. Schneider Electric provided advisory services and strategy management for the WestRock and ENGIE agreements.

 

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Sonoco completes acquisition of RTS Packaging

Sonoco Products Company announced the completion of its acquisition of the remaining equity interest in RTS Packaging, LLC from joint venture partner WestRock and one WestRock paper mill in Chattanooga, Tennessee. The acquisition will further strengthen and expand Sonoco’s 100% recycled fiber-based packaging solutions to serve growing consumer wine, spirits, food, beauty and healthcare markets. Prior to closing the transaction, Sonoco was a 35% owner in the joint venture with WestRock.

With this acquisition, Sonoco adds a network of 15 operations and 1,100 employees in the U.S., Mexico, and South America. The purchase price for this acquisition was $۳۳۰ million, subject to customary price adjustments. The Company funded the acquisition with borrowings under its existing credit facilities and cash on hand. After the transaction, the Company’s net debt to adjusted EBITDA ratio is less than 2.9x. The acquisition is expected to be immediately accretive to earnings per share, excluding the impact of purchase accounting adjustments.

Founded in 1899, Sonoco is a global provider of packaging products.

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