ATLANTA (From news reports) -- WestRock Co. CEO Steve Voorhees told investors that the company's $4.9 billion merger with KapStone Paper and Packaging Co. is still on track despite extra scrutiny from the U.S. Department of Justice.
The reassurance comes after both companies reported in financial filings last month that DOJ has requested additional information about the deal under federal antitrust laws.
"That's normal course," Voorhees said on a second-quarter earnings call.
Atlanta, Ga.-based WestRock and Northbrook, Ill.-based KapStone signed an acquisition agreement on Jan. 28. The merger would combine the nation's second-largest and fifth-largest paper and packaging companies. The deal is subject to approval by federal regulators, and it could be approved with certain conditions. KapStone shareholders also need to sign off on the merger.
"We are working cooperatively with Justice as it conducts its review of the proposed transaction and we continue to view the KapStone acquisitions as pretty competitive because it's going to enable us to serve our customers and improve our ability to compete," Voorhees said. "So we're remaining confident we're going to successfully complete the transaction without challenge from the Department of Justice."
The deal was initially projected to close during the quarter ending this coming September, but DOJ's second request for information could push final approval into the fourth quarter, Voorhees said.
The second request "put the potential for that slippage in there," he said.
The merger would strengthen WestRock's presence on the West Coast and increase its mix of virgin fiber-based paper products. KapStone produces 3 million tons of paper annually, using 78 percent virgin fiber and 22 percent recovered paper.
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