NORCROSS, Ga., May 16, 2014 (GLOBE NEWSWIRE) -- (NYSE:RKT) RockTenn today announced that it has completed the previously announced acquisition of the Tacoma Mill.
"The acquisition of the Tacoma Mill improves our ability to satisfy West Coast customers while generating significant operating efficiencies across our system," said Steve Voorhees, RockTenn's Chief Executive Officer.
RockTenn acquired the mill for approximately $343 million including working capital adjustments. The purchase price reflects an EBITDA multiple of less than six times based on the mill's financial results for the 12 months ending March 2014 and the expected operating efficiencies, primarily due to the location of the mill on the West Coast. The transaction was structured as an asset purchase.
RockTenn (NYSE:RKT) is one of North America's leading providers of packaging solutions and manufacturers of containerboard and paperboard. RockTenn's 26,000 employees are committed to exceeding their customers' expectations - every time. The company operates locations in the United States, Canada, Mexico, Chile and Argentina. For more information, visit www.rocktenn.com.
John Stakel, 678-291-7901
Senior Vice President-Treasurer
Robin Keegan, 770-326-8245
Director, Corporate Communications